Indicator allows choosing either MFI or RSI and draws a BB over it to identify oversold / overbought conditions.
Oversold/Overbought breaches are highlighted using different colors for easy identification. Has helped me a lot during sudden pumps to identify the tops, hope you find a use for this.
Oversold/Overbought breaches are highlighted using different colors for easy identification. Has helped me a lot during sudden pumps to identify the tops, hope you find a use for this.
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // RSI/MFI with Bollinger Bands. Dynamic Oversold/Overbought levels, yayy! // study(title = "RSI/MFI with Volatility Bands [LazyBear]", shorttitle="SI+Bands [LB]") source = hlc3 length = input(14, minval=1), mult = input(2.0, minval=0.001, maxval=50) DrawRSI_f=input(false, title="Draw RSI?", type=bool) DrawMFI_f=input(true, title="Draw MFI?", type=bool) HighlightBreaches=input(true, title="Highlight Oversold/Overbought?", type=bool) DrawMFI = (not DrawMFI_f) and (not DrawRSI_f) ? true : DrawMFI_f DrawRSI = (DrawMFI_f and DrawRSI_f) ? false : DrawRSI_f // RSI rsi_s = DrawRSI ? rsi(source, length) : na plot(DrawRSI ? rsi_s : na, color=maroon, linewidth=2) // MFI upper_s = DrawMFI ? sum(volume * (change(source) <= 0 ? 0 : source), length) : na lower_s = DrawMFI ? sum(volume * (change(source) >= 0 ? 0 : source), length) : na mf = DrawMFI ? rsi(upper_s, lower_s) : na plot(DrawMFI ? mf : na, color=green, linewidth=2) // Draw BB on indices bb_s = DrawRSI ? rsi_s : DrawMFI ? mf : na basis = sma(bb_s, length) dev = mult * stdev(bb_s, length) upper = basis + dev lower = basis - dev plot(basis, color=red) p1 = plot(upper, color=blue) p2 = plot(lower, color=blue) fill(p1,p2, blue) b_color = (bb_s > upper) ? red : (bb_s < lower) ? green : na bgcolor(HighlightBreaches ? b_color : na)
