This indicator is based on a very important theory from Bill Williams’ book “Trade Chaos”.
You know MFI is a very useful indicator to monitor the fluctuations of the market movements.
extra_mfi is an improved one to make 4 patterns of MFI easier to identify.
Please read the book “Trade Chaos” to know more details.
There are two lines on the chart.
Which one should I check?
You should check the orange dash line.
If it goes peak, that means the market may reverse.
Excellent.
By the way, why don’t you sell eBooks? Finance or trading related.
I knew this indicator.
Very useful.
But only fit big time frames, such as H1, H4.
That’s because the volume to speculate in s shorter period is always bigger than the volume to speculate in a longer period.