RSI + MFI - Crypto Bull and Bear market

The RSI + MFI - Crypto Bull and Bear market indicator provides a stylized combination of the Relative Strength Index (RSI) and Money Flow Index (MFI) to identify potential buy and sell opportunities within cryptocurrency markets.

Usage

The Usage section describes how the script can be used to gauge market momentum and identify potential trend reversals.

• Trend Identification: The indicator features specific bands at the 80 and 20 levels designed to identify extreme bull or bear market conditions.
• Crossovers: Circles appear on the oscillator pane whenever the RSI and MFI cross. A crossover of the RSI above the MFI (plotted at the bottom) or a crossunder (plotted at the top) can signal changes in market momentum.
• Visual Backgrounds: The oscillator lines change color based on their position relative to the 30, 50, and 70 levels, providing a quick visual reference for overbought or oversold conditions.
• Oscillator Spread: The area between the RSI and MFI is filled with color (Green or Red) based on the difference between the two values, helping traders visualize which oscillator is leading.

This tool is specifically optimized for Daily (D) timeframes in the crypto markets.

Details

The indicator calculates a standard RMA-based RSI and a traditional Money Flow Index. By overlaying these two distinct types of oscillators—one based solely on price (RSI) and the other incorporating volume (MFI)—traders can look for convergences or divergences between price action and capital flow. The script uses stylized fills and shape plots to highlight these interactions.

Settings

• Length: The lookback period used for the RSI calculation.
• Source: The price data source used for the RSI (e.g., Close).
• Pivot Lookback Right/Left: Sets the number of bars to the right and left for pivot detection logic.
• Max/Min of Lookback Range: Defines the bar range for analyzing lookback conditions.
• Overbought/Oversold: Level settings for the primary threshold bands (default 80 and 20).
• MF Period: The lookback period used for the Money Flow Index calculation.
• MF Source: The price data source used for the MFI calculation.

FAQ

How do I interpret the circles on the chart?

The circles represent points where the RSI and MFI values cross each other. These points often signify a shift in the relationship between price momentum and volume flow.

Which timeframe is best for this indicator?

While it can be used on various timeframes, it is specifically designed and better performing on the Daily (D) timeframes for cryptocurrency assets.

How can I access RSI + MFI - Crypto Bull and Bear market?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.