Script question

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  • #61949
    Stephen
    • Topics: 5
    • Replies: 4
    • Posts: 9

    If I code MFI(BARS=2) IsUp, which RSI will it use: a 2 period RSI or just the last two candles of RSI?

    #61951
    Stephen
    • Topics: 5
    • Replies: 4
    • Posts: 9

    or MFI as written here

    #61955
    Darren
    • Topics: 66
    • Replies: 634
    • Posts: 700

    Hi Stephen,

    It will just use MFI() but you can nest RSI within MFI. For a 2 bar MFI of a 2 bar RSI use this:

    However, as the MFI() uses volume in its calculation I’m not sure if it can be used on an RSI.

    #61959
    Stephen
    • Topics: 5
    • Replies: 4
    • Posts: 9

    Thank you but how would you just read this: MFI(BARS=2)? is it just saying the last two price candles showed MFI increasing on both candles? Which RSI setting is it using? RSI 2 not RSI 14?

    #61965
    Darren
    • Topics: 66
    • Replies: 634
    • Posts: 700

    Hi Stephen,

    MFI(Bars=2) will just give the value based on the price chart. MFI(Bars=2) IsUp will give a true condition if the value is higher than the previous bar.

    As per the KnowledgeBase article this is how the MFI is calculated, so RSI values aren’t used:

    1. For each bar, average the High, Low, and Close.

    2. The MF value is equal to the Average x Volume.

    3. If the value in step 1 is higher than the previous, it is considered to be a positive money value, otherwise negative. The positive money flow is then the sum of all the positive money values over the number of bars.

    4. The money ratio is then + MF divided by -MF.

    5. The Index is then 100 – (100 / (1 + Money Ratio)).

    • This reply was modified 6 months ago by Darren.
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