Godmode RSI with MFI

The Godmode RSI with MFI indicator combines multiple momentum and volume-based oscillators into a single workspace to provide a comprehensive view of market exhaustion and trend reversals.

Usage

The tool can be used to identify potential market tops and bottoms by observing the alignment of its various components:

• RSI Histogram: Displays the Relative Strength Index relative to a 0-midpoint. Colors transition based on overbought and oversold levels, providing immediate visual feedback on momentum strength.
• Wave Trend (WT): The blue and multi-colored lines represent the Wave Trend calculation. When these lines reach extreme levels (above 80 or below 20), they signal potential exhaustion.
• Caution Signals: Circle plots appear when the Wave Trend enters deep overbought or oversold territory, acting as a warning system for imminent reversals.
• MFI Highlights: Background highlights trigger when the Money Flow Index crosses specified thresholds, indicating volume-weighted price extremes.
• Multi-Exchange Option: For Bitcoin traders, the tool can aggregate data from multiple exchanges (Bitfinex, Bitmex, Bitstamp, and Coinbase) to create a more robust version of the "Godmode" calculation.

Details

This script is an evolution of several "Godmode" oscillator concepts. It integrates a refined RSI, a Wave Trend oscillator, and a Money Flow Index (MFI). The "Godmode" logic specifically uses a weighted average of the True Strength Index (TSI), Money Flow, and the "Willy" oscillator (a modified Williams %R). By combining these disparate calculations, the script aims to filter out noise while highlighting high-probability reversal zones where multiple momentum metrics converge.

Settings

RSI & MA

• RSI Length: The lookback period for the main RSI calculation.
• RSI Oversold/Overbought Highlight Level: Sets the threshold for color changes in the RSI histogram.
• Show RSI MA?: Toggles the visibility of the Moving Average applied to the RSI.
• Use Exponential RSI MA?: Switches between a Simple Moving Average (SMA) and an Exponential Moving Average (EMA) for the RSI signal line.
• RSI MA Length: The period for the RSI's smoothing line.

Overbought/Oversold Levels

• Overbought/Oversold Level 1 & 2: Defines the horizontal reference lines for identifying market extremes.

Wave Trend

• Channel Length / Average Length / Short Length: Parameters governing the construction of the Godmode and Tradition oscillators.
• WT 2 Length: The smoothing period for the secondary Wave Trend line.

Multi-Exchange

• Exchange 1-4: Selectable symbols to be used when the multi-exchange mode is active.
• Multi-exchange?: Enables the averaging of data from the four specified exchanges.

MFI

• MFI Length: The lookback period for the Money Flow Index.
• MFI low/up: Thresholds for the MFI overbought and oversold states.
• MFI Highlight oversold/overbought?: Toggles the background coloring based on MFI breaches.

FAQ

How do I interpret the colored circles on the Wave Trend?

The circles represent "Caution" levels. As the Wave Trend moves further into extreme zones, the circles change size and color to indicate increasing levels of overextension.

What is the benefit of the Multi-Exchange setting?

In fragmented markets like crypto, price and volume can vary across exchanges. Averaging these inputs provides a more "global" view of the asset's momentum, reducing the impact of localized anomalies.

How can I access Godmode RSI with MFI?

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