Technical indicators :)

Beginner Questions
#1

Gooday all,
here I want to discuss indicators since I hate to admit it, I love um. Also why not, better than staring at charts lol.

                                [U] BW MFI   Short for Bill Williams Market Facilitation Index [/U]

Have any of you newbies encountered or attempted to use it? When I first saw it I went yuck and looked no further. However after trying one of Bill Williams’ indicators, I thought why not.

I have to say it’s totally blown me away, if you wanna understand the push n pull relationship between volumes
this is a must have. Well it is for now, see how it goes, but it’s looking pretty darn awesome :slight_smile:

Anyone care to correct anything I say or give wrong advise please feel free

#2

No, I’ve never used it. I mostly use Bollinger Bands, MA and Stochastic.

#3

There’s this really good write up I found. Do you want it :slight_smile:

#4

I lost a lot of money using indicators, it was when I got rid of them all and started using naked charts, ( just candle sticks and 200 dma for trend direction) that I started making consistent profits. Price action is the only indicator that counts

#5

Hi,

I don’t think that anyone should correct anything here. If this indicator works for you and you are making consistent profits than everything is good. Just to make sure that this indicator works, I believe that you should test it (use it) for some time and the result will show you.

#6

I agree with both answers, as what use is an indicator if you can’t read price, I get that. You mention using a moving average, which is a type of indication for aiding you reading price action. I’m getting bored of BW MFI. It’s ok in it’s own right confirming slow down and compression between bulls and bears. GREEN, FADE, FAKE, SQUAT.

I’ve spent ages learning price action after abandoning indicators for the very same reason you mentioned, heyho to that one. It’s now gone full circle and I’ve gone bang hard out, back into them and I suggest you do the same, once you’re comfortable reading price.

Some real nifty ones out there that can amplify price reading ability, all using a combination of moving averages, fractal calculations for valid but dynamic support & resistance.

Have you tried linear regression ? If not please do and tell me what you think, great for that action lol

#7

USDCNHH1.jpg700×339 25 KB

A look at mine :slight_smile:

#8

First time I hear about this indicator. How it works? What is underlying the principle of it and who’s the author?

#9

Bill Williams is the author and you can find it as standard in all MT4 platforms and probably MT5, so no downloading required. I think the basic principle is to highlight the buying and selling pressure within each volume. For example:

GREEN=GREEN=MFI is up VOLUME is up=lots of agreeable traders going in said direction.
BROWN=FADE= MFI is down VOLUME is down=loosing pace, usually time to look for entry.
BLUE=FAKE= MFI is up VOLUME is down=Price moving might not be supported by volume.
PINK=SQUAT=MFI is down VOLUME is up=A battle between bull n bear, who will win? lol

#10

SVP

Market Facilitation Index (MFI) | Forex Indicators Guide

:53:

#11

Oh I see it’s available by default… then will look through it soon, just shrug off after NFP trades on this week. They was crazy

#12

Does anyone use ZUP? People keep recommending it to me, but I can’t make heads or tails out of it.