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.
By the way, why don’t you sell eBooks? Finance or trading related.
The vendors on fintechee.io can sell eBooks.
I knew this indicator.
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.