Dynamic Threshold Money Flow Index

17 Ağu

i thought this script was a clever idea, but the more i tried to improve it, the worse it seemed to get.

the idea behind this script was to build a context around a Money Flow Index that changes based on market conditions.

the width of the channel is controlled by a combination of the choppiness index and an inverted, normalized, absolute value of the ROC. when the market begins trending, the channel narrows, making the MFI more likely to break out of the channel in the direction of the emerging trend. as the market becomes more choppy and the trend diminishes, the channel widens, recapturing the MFI.

my initial hopes for this script was that the context-based thresholds would spare the user from choppy markets, but perhaps i need to make the channel non-linear.

17 Ağu

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