Precisely
10-23-2009, 07:24 AM
I just started out with indicators a few months back and didn't really know what I was doing. Used excel and made a few misstakes in coding the MFI, but as it turned out it became a very (!) good indicator. I can of course upload it, but here is how it it set up. Let me know if you want it uploaded. Consists of three indicators and when they cross give a buy or sell signal.
Indicator 1: 14 day modified MFI that uses close for comparison instead of typical price. Same close as the previous day is defined as a negative day
negative.Set(Close[0] <= Close[1] ? Typical[0] * Volume[0] : 0);
positive.Set(Close[0] > Close[1] ? Typical[0] * Volume[0] : 0);
Indicator 2: 14 day exponential moving average of 14 day modified MFI
Indicator 3: 24 day exponential moving average of 24 day modified MFI
Look for the crossing between EMFI14 and EMFI24 (both should move in the same direction). Especially look for when EMFI14 is close to 30 or 70. Preferably use the market analyzer to scan 500-1000 stocks with the simple criteria EMFI14<35 or EMFI14>65 and you will have interesting stocks to look at.
Combine this with the "squeeze" from bollinger bandwidth and you get a very powerful trading tool.
Happy trading :)
Indicator 1: 14 day modified MFI that uses close for comparison instead of typical price. Same close as the previous day is defined as a negative day
negative.Set(Close[0] <= Close[1] ? Typical[0] * Volume[0] : 0);
positive.Set(Close[0] > Close[1] ? Typical[0] * Volume[0] : 0);
Indicator 2: 14 day exponential moving average of 14 day modified MFI
Indicator 3: 24 day exponential moving average of 24 day modified MFI
Look for the crossing between EMFI14 and EMFI24 (both should move in the same direction). Especially look for when EMFI14 is close to 30 or 70. Preferably use the market analyzer to scan 500-1000 stocks with the simple criteria EMFI14<35 or EMFI14>65 and you will have interesting stocks to look at.
Combine this with the "squeeze" from bollinger bandwidth and you get a very powerful trading tool.
Happy trading :)