MFI: Money Flow Index (MFI)
The Money Flow Index (MFI) is a technical oscillator that uses price and volume data for identifying overbought or oversold signals in an asset. It can also be used to spot divergences which warn of a trend change in price. The oscillator moves between 0 and 100.
Unlike conventional oscillators such as the Relative Strength Index (RSI), the Money Flow Index incorporates both price and volume, as opposed to just price. For this reason, some analysts call MFI the volume-weighted RSI.
An MFI reading above 80 is considered overbought and an MFI reading below 20 is considered oversold, although levels of 90 and 10 are also used as thresholds.
Pattern name: Strategy name
Time interval: Candlestick or bar Timeframe
Signal Direction: Bullish or Bearish
MFI: Money Flow Index an Oscillating trading indicator
Index: MFI Value
Method: Break, When MFI Line surpasses certain value on the MFI indicator.
Effect: Select “Below to Above” ,“Above to Below” or Touch. The index functions -Below/Above- in coordination with Second index or Target level.
Target Level: The MFI oscillates between zero and 100.
Target Symbol: Add target symbol.
Time Scope: Timeline for the strategy
“Create and save” or “Create and Add New Indicator”: Select “Create and Save” if building a strategy with one indicator, or select “Create and Add New Indicator” if adding an additional indicator to the strategy.
