Money Flow Index + Alerts

v10.3
Money Flow Index + Alerts

This is an adaptation for Prorealtime v 10.3 of an indicator of the Tradingview platform.

1. Added a visual symbol of an overbought/oversold threshold cross in the form of a red/green circle, respectively. Sometimes it can be hard to see when a cross actually occurs, and if your scaling isn’t set up properly you can get misleading visuals. This way removes all doubt. Bear in mind they aren’t meant as trading signals, so DO NOT use them as such. Research the Money flow Index  if you’re unsure, but I use them as an early warning and that particular market/stock is added to my watchlist.

2. Added 60/40 lines as the Money flow Index respects these incredibly well in trends. E.g. in a solid uptrend the Money flow Index won’t go below 40, and vice versa. Use the idea of support and resistence levels on the indicator and it’ll be a great help. I’ve coloured the zones. Strong uptrends should stay above 60, strong downtrends should stay below 40. The zone in between 40-60 I’ve called the transition zone. Money Flow Index  often stays here in consolidation periods, and in the last leg of a cycle/trend the Money Flow Index will often drop into this zone after being above 60 or below 40. This is a great sign that you should get out and start looking to reverse your position. Hopefully it helps to spot divergences as well.

3. Added alerts based on an overbought/oversold cross. Also added an alert for when either condition is triggered, so hopefully that’s useful for those struggling with low alert limits. Feel free to change the overbought/oversold levels, the alerts + crossover visual are set to adapt.

Like any indicator, don’t use this one alone. It works best paired with indicators/techniques that contradict it. You’ll often see a OB/OS cross, and price will continue on it’s way for many weeks more. But Money flow Index is a great tool for identifying upcoming trend changes.

Share this

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

New! PRC is also now on YouTube, subscribe to our channel for exclusive content and tutorials

  1. Barrabas15 • 53 days ago #

    Yo pondría las alertas (círculos) cuando vuelve a cruzar por debajo/arriba de los niveles de sobrecompra/sobreventa una vez han sido traspasados.

  2. bolsatrilera • 51 days ago #

    EM MONEY FLOW INDEX + ALERTS
    //@version=3
    // on platform Tradingview by DreamsDefined
    //adapted by platform Prorealtime v10.3 by bolsatrilera

    // This study is based on the work of TV user Beasley Savage (https://www.tradingview.com/script/g58H59ub-Money-Flow-Index-Beasley-Savage/)
    // and all credit goes to them.
    //
    // Changes I’ve made:
    //
    // 1. Added a visual symbol of an overbought/oversold threshold cross in the form of a red/green circle, respectively.
    // Sometimes it can be hard to see when a cross actually occurs, and if your scaling isn’t set up properly you can get
    // misleading visuals. This way removes all doubt. Bear in mind they aren’t meant as trading signals, so DO NOT use them as such.
    // Research the MFI if you’re unsure, but I use them as an early warning and that particular market/stock is added to my watchlist.
    //
    // 2. Added 60/40 lines as the MFI respects these incredibly well in trends. E.g. in a solid uptrend the MFI won’t go below 40,
    // and vice versa. Use the idea of support and resistance levels on the indicator and it’ll be a great help.
    // I’ve coloured the zones. Strong uptrends should stay above 60, strong downtrends should stay below
    // 40. The zone in between 40-60 I’ve called the transition zone. MFI often stays here in consolidation periods, and
    // in the last leg of a cycle/trend the MFI will often drop into this zone after being above 60 or below 40. This is a great
    // sign that you should get out and start looking to reverse your position. Hopefully it helps to spot divergences as well.
    //
    // 3. Added alerts based on an overbought/oversold cross. Also added an alert for when either condition is triggered, so hopefully
    // that’s useful for those struggling with low alert limits. Feel free to change the overbought/oversold levels, the alerts +
    // crossover visual are set to adapt.
    //
    // Any queries please comment or PM me.
    //
    // Cheers,
    // RJR

    //Inputs
    length = 14
    os = 20 // title = “Oversold”)
    ob = 80//title = “Overbought”)
    //MFI Calc
    hlc3 = (high+low+close)/3
    rawMoneyFlow = hlc3 * volume
    positiveMoneyFlow = 0.0

    if hlc3 > hlc3[1] then
    positiveMoneyFlow = positiveMoneyFlow + rawMoneyFlow
    else
    positiveMoneyFlow = positiveMoneyFlow
    endif

    negativeMoneyFlow = 0.0

    if hlc3 < hlc3[1] then
    negativeMoneyFlow = negativeMoneyFlow + rawMoneyFlow
    else
    negativeMoneyFlow = negativeMoneyFlow
    endif

    moneyFlowRatio = average [length](positiveMoneyFlow) /average[length](negativeMoneyFlow)

    mfi = 100 – 100 / (1 + moneyFlowRatio)

    if mfi crosses under os then
    drawtext("●",barindex,mfi,Dialog,Bold,10) coloured(0,255,0)
    endif

    if mfi crosses over os then
    drawtext("●",barindex,mfi,Dialog,Bold,10) coloured(0,0,0)
    endif

    if mfi crosses over ob then
    drawtext("●",barindex,mfi,Dialog,Bold,10) coloured(255,0,0)
    endif

    if mfi crosses under ob then
    drawtext("●",barindex,mfi,Dialog,Bold,10) coloured(0,0,0)
    endif

    h1 = 80 //"Overbought")
    h2 = 20 //"Oversold")
    h3 = 40 //"Bears")
    h4 = 60 //"Bulls")
    //(h4, h1, color=green, title="Uptrend")
    //(h3, h2, color=red, title="Downtrend")
    //(h3, h4, color=gray, title="Transition Zone")

    return mfi as "moneyflowIndex",h1 style(dottedline)as "h1",h2 style(dottedline)as "h2",h3 style(dottedline) as "h3",h4 style(dottedline)as "h4"

  3. Carlos Garcia • 23 days ago #

    Enorme. Gracias!

avatar
Register or

Likes

avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar avatar
Related users ' posts
Nicolas Je ne comprends pas de quelles zones on parle ? Le graphique représenté ici est simplement u...
Eloi Ok je comprend mieux. Merci Nicolas
macbartin Bonjour, si je souhaite utiliser l'indicateur "Market profile" : "Bull & Bear Volume-by-...
Kris75 Hi TAC, Thanks a lot for this great piece of work; -) MUCHAS gracias ;-) did I read right,...
TAC Bolsa All indicators share some code of other TAC indicators that improve the functioning of this ...
ramonjp Hi Tac, Great job. Please, can you provide latest code version of this indicator without ...
TAC Bolsa Estas equivocado al 99,9%. La correlación entre las series de precios y volúmenes las des...
Domenec Si hablas de un indice regional como el Ibex es posible que sea asi yo nunca lo he operado y...
TAC Bolsa Regional de Mostoles, en una cosa tienes razón mejor dejarlo aquí...
Nicolas Thank you Xusto. Thank you a lot for your contribution :) Since your code is a Pathfinder'...
Xusto Hello, Fully Agree, I will update it with your advice. Btw Can would you like share you co...
TAC Bolsa
3 months ago
luxrun Thank you so much Tac BOLSA, I can not post the picture tonight I'll try tomorrow. I loaded ...
TAC Bolsa A new version of TAC Volume HPI DIV10.4 is available. that marks the divergence In the fo...
Raymundo Buenas tardes. Como puedo descargar algunos indicadores de esta pagina ?
Nicolas This is not the right place, please open a new topic in ProOrder forum. This question has be...
claudio1964 Hello Nicolas great indicator, I use it on prorealtime, can I have a code version for Webank...
Nicolas I think that it could work if you remove "style(histogram)" from the last line of the code.
Real Pro working now, sorry for the bother
David29 BONJOUR, Félicitations pour cet indicateur. Avez-vous une idée de comment créer une strat...
Nicolas Je pense que ça a déjà été codé quelque part sur le forum. Dans la négative merci d'ouvrir u...
beppe8949 Ciao Nicolas! Perdonami, ma come si fa a estendere il periodo dell'indicatore a 100 000 unit...
beppe8949 No ok ho risolto! Grazie :)
stecr Ciao a tutti e a NIcolas, vpoichè con lo zigzag non è attendibile l'ultima barra (visto che...
gabri Kris, I will answer on the forum at the following address https://www.prorealcode.com/topic/...
segie Hi Guys, Will it be possible to add "Texts" to this code. When the bull line crosses over...
gabri Segie, I can add text on the graph of THIS indicator. To add text ALSO on the price graph yo...
Alai-n I also have the same problem that I can not solve especially on LowVolume (Yellow) ... Sorry
Mert No need to apologise, my friend. It is great code. I hope you find a solution soon. Regards.
gabri I think it's because the lookback period changes at every new bar and that means that many c...
Thomas007 It's a very powerful tool. Thanks for sharing! The Signal crosses the Trader a few times but...
rb-72 Thank you, area of twist by dilatacion of the price, missing part of the code that is not pu...
Thomas007 after reading your blog now I understand why there is only a part of your code here. I'm try...
Stenozar Hi, which timeframe do you use? have you tried with Dax? thanks
rb-72 5 Minutes, 15 Minutes, The most effective 1 Hour below 0 or above 0 as a turn signal in the ...
bolsatrilera
10 months ago
hamid1736 Hi Nicolas, I couldn't find a better way to ask you my question. I have a problem of findin...
Nicolas Sorry but this question has nothing to deal with this indicator, it belongs to a specific su...

Top