Indicator: Market Facilitation Index [MFIndex]
***** NOTE: You may see all GREEN circles (it is due to a recent TV update). To work around this issue, change the "Circles" to "Cross" via Format -> Style *****
Market Facilitation Index, by Bill Williams, plots the effectiveness of price movement by computing the price movement per volume unit.
4 possible combinations of MFIndex and Volume are:
Green :
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MFIndex increases and the volume increases. This means that the amount of participants entering the market increases, therefore the volume increases and the fresh incoming players align their positions in the direction of candlestick growth.
Fade :
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MFIndex falls and volume falls. It means that the market participants are indifferent and the price movement is small on small volumes. This usually happens at the end of a trend.
Fake :
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MFIndex increases, but the volume falls. It is highly likely that the market is being supported by broker speculation and not any significant client volume.
Squat :
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MFIndex falls, but the volume increases. In this particular situation bulls and bears are fighting between themselves to see who will dominate the next trend. These battles are noticeable by the large sell and buy volumes. However, the price does not change appreciably since the strengths are equal. One of the competing parties either the buyers or the sellers will ultimately triumph in the battle. Usually, the fracture of such a candle indicates if this particular candle determines the continuation of the trend, or terminates the trend.
More info: en.wikipedia.org
Code: pastebin.com
Lazybear
Indicators: Twiggs Money Flow [TMF] & Wilder's MA [WiMA]TMF is a CMF (Chaikin Money Flow) variation that addresses some of the gaps in the original indicator. More info: www.incrediblecharts.com
TMF uses true range, rather than daily Highs minus Lows. Also, uses Wilder's MA rather than SMA/EMA.
Since I had to write Wilder's MA (WiMA) for TMF, I have published that also as a separate indicator. WiMA is like EMA, but with a different "alpha" value.
How to include this in your charts?
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- Click on "Share" button (top right on this chart). A dialog box opens up.
- Click on "Make it mine" button. This will create a copy of my published chart for you to edit.
- You can click on "{}" button next to the indicator name to get access to the source code.
- Save it to your CustomScripts library.
Indicator: Custom COG channelThis is my custom channel (Bear Channel!? :)) derived from BB/STARC. It uses both ATR/STDEV for plotting the bounds.
I use COG (Center of Gravity) for deriving the baseline. This enables it to track the price action better than many other channels that make use of MAs or simply "close". Indicator also marks "squeezes" (stdev bands come inside ATR bands). Pay attention to these, as these usually indicate a move.
I am still exploring this indicator on different BTCUSD time frames, would love to hear your feedback / setups for other instruments.
Code for this indicator: pastebin.com
Code for COG fibs I mentioned in the comments: pastebin.com
3 more indicators: Inverse Fisher on RSI/MFI and CyberCycleSuggested by John Ehlers, IFT helps you to determine the exact oversold/overbought points in any oscillator-type indicators.
The 3 IFT based indicators in this chart are:
- Inverse Fisher on RSI (IFTRSI)
- Inverse Fisher on MFI (IFTMFI)
- Inverse Fisher on CyberCycle (IFTCC)
Suggested method to use any IFT indicator is to buy when the indicator crosses over –0.5 or crosses over +0.5 if it has not previously crossed over –0.5 and to sell short when the indicators crosses under +0.5 or crosses under –0.5 if it has not previously crossed under +0.5.
More info: www.mesasoftware.com
You can use these indicators by doing "Make it mine" (Click on "Share" to open the dialog box with this button).
Let me know what you think, would love to hear how these indicators are used and how effective these are for other instruments.
3 new Indicators - PGO / RAVI / TIIMy "to-publish" list is getting too big, so decided to push out 3 indicators in the same chart
Feel free to "make mine" and use :) Leave a comment on what you think.
Pretty Good Oscillator
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This indicator, by Mark Johnson, measures the distance of the current close from its N-day simple moving average, expressed in terms of an average true range (see Average True Range) over a similar period. So for instance a PGO value of +2.5 would mean the current close is 2.5 average days' range above the SMA.
Johnson's approach was to use it as a breakout system for longer term trades. If the PGO rises above 3.0 then go long, or below -3.0 then go short, and in both cases exit on returning to zero (which is a close back at the SMA). Indicator marks all these areas (3/-3/0)
Rapid Adaptive Variance Indicator
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RAVI is a simple indicator, by Tushar Chande, to show whether a stock is trending or not. Unlike ADX, RAVI measures only the trend intensity, it doesn't distinguish which way the trend is going. Rising RAVI shows the beginning of a trend or an increase in trend intensity, a decreasing slope signifies decreasing intensity. Also, RAVI often reacts more quickly and exhibits a more pronounced curve than ADX.
The standard values for daily charts are 7 and 65. For hourly charts, the most common averaging periods are 12 and 72 or 24 and 120.
The signal lines suggested are from +/- 0.3% to +/-1%. I haven't added any markings as these signals are instrument-specific. I suggest doing some back testing and adding these accordingly.
Trend Intensity Index
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TII, by M. H. Pee, measures the strength of a trend, by looking at what proportion of the past "n" days prices have been above or below the level of today's "x"-day simple moving average. You can configure "n" via options page. "x" is calculated as "2 times n".
TII moves between 0 and 100. A strong uptrend is indicated when TII is above 80. A strong downtrend is indicated when TII is below 20.
Pee recommended entering trades when levels of 80 on the upside or 20 on the downside are reached. Indicator marks these lines for easy reference.
