Indicator: MFI or RSI enclosed by Bollinger Bands

Indicator allows choosing either MFI or RSI and draws a BB over it to identify oversold / overbought conditions.

Oversold/Overbought breaches are highlighted using different colors for easy identification. Has helped me a lot during sudden pumps to identify the tops, hope you find a use for this.
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// @author LazyBear
// RSI/MFI with Bollinger Bands. Dynamic Oversold/Overbought levels, yayy!
study(title = "RSI/MFI with Volatility Bands [LazyBear]", shorttitle="SI+Bands [LB]")
source = hlc3
length = input(14, minval=1), mult = input(2.0, minval=0.001, maxval=50)
DrawRSI_f=input(false, title="Draw RSI?", type=bool)
DrawMFI_f=input(true, title="Draw MFI?", type=bool)
HighlightBreaches=input(true, title="Highlight Oversold/Overbought?", type=bool)

DrawMFI = (not DrawMFI_f) and (not DrawRSI_f) ? true : DrawMFI_f
DrawRSI = (DrawMFI_f and DrawRSI_f) ? false : DrawRSI_f
// RSI
rsi_s = DrawRSI ? rsi(source, length) : na
plot(DrawRSI ? rsi_s : na, color=maroon, linewidth=2)

// MFI
upper_s = DrawMFI ? sum(volume * (change(source) <= 0 ? 0 : source), length) : na
lower_s = DrawMFI ? sum(volume * (change(source) >= 0 ? 0 : source), length) : na
mf = DrawMFI ? rsi(upper_s, lower_s) : na
plot(DrawMFI ? mf : na, color=green, linewidth=2)

// Draw BB on indices
bb_s = DrawRSI ? rsi_s : DrawMFI ? mf : na
basis = sma(bb_s, length)
dev = mult * stdev(bb_s, length)
upper = basis + dev
lower = basis - dev
plot(basis, color=red)
p1 = plot(upper, color=blue)
p2 = plot(lower, color=blue)
fill(p1,p2, blue)

b_color = (bb_s > upper) ? red : (bb_s < lower) ? green : na
bgcolor(HighlightBreaches ? b_color : na)
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What do the green and red vertical bands indicate?
+16 Répondre
lostkauze ParthibanRajendran
@ParthibanRajendran, whether the indicator exceeded the Bollinger Bands limits from above or from below.
+2 Répondre
Hey LB, this is great how do we use this one? Do we go long when the green line crosses over the red middle line (and vice versa for short)?
+4 Répondre
I request TRIX RB +bands
+1 Répondre
LazyBear QuantitativeExhaustion
Sure, will post.
+1 Répondre
LazyBear LazyBear
Here you go :

+3 Répondre
Nice.. never seen this done before.
+2 Répondre
ChartArt QuantitativeExhaustion
Your "TRIX RB +bands" request turned into this?

"Trix Ribbon "
LazyBear ChartArt
Nope. That indicator you link points to, is a the sense, multiple lengths are rendered together. Something like GMMA_LB or Hurst MMA_LB.
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