Description This script combines three popular oscillators (RSI, Ultimate Oscillator and MFI) to accurately determine the price momentum of an asset.
Context - RSI (Relative Strength Index) is a momentum oscillator that measures the speed and change of price movements over a period of time (14). - Ultimate Oscillator uses three different periods (7, 14, and 28) to represent short, medium, and long-term market trends. - Money Flow Index (MFI) is a momentum indicator that measures the flow of money into and out over a period of time. It is related to the Relative Strength Index (RSI) but incorporates volume, whereas the RSI only considers price
How does it work? When a RED bar appears, it means that the three oscillators have exceeded the set thresholds, and it is a SELL signal. When a GREEN bar appears, it means that the three oscillators are below the set thresholds, and it is a BUY signal.
I recommend leaving the default settings.
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Fixed some bugs
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New color codes RSI: purple line Ultimate Oscillator: red line Money Flow Index: green line
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Added a swith to deactivate MFI in the strategy calculation.
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Added a swith to deactivate ULT in the strategy calculation.
I have tried maybe 50 oscillators and this is by far the most accurate and it is easy to read with out flashy graphics that distract from the data, sometimes less is more. Thankyou so much this actually works and I love it.