New Indicator idea "MRA Index"

Dato896

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The core of the "MRA Index" is a hybrid line, calculated using Money Flow Index (MFI), Relative Strength Index (RSI), and Average True Range (ATR), offering a nuanced view that considers both market momentum and volatility. The indicator is enhanced with a Standard Deviation (STD) channel and offers clear buy/sell arrows under specific conditions, adding to its precision.

What sets the "MRA Index" apart is its adaptability; it allows you to include or exclude ATR from the calculation, depending on your sensitivity preference to market volatility. It also includes the innovative FTR filter, coloring the area below the hybrid line to reflect market conditions, and the option to utilize Bollinger Bands as a filter for drawing arrows, providing additional layers of analysis for confident decision-making.

Formula (MFI+RSI) /2 * atr :) check screens and lets discuss what to add there or remove from formula. here are some screens
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The buy arrow is generated when the hybrid line crosses the lower line of the STD channel from below to above. This signal suggests a potential upward trend reversal or entry point for a buy position. Conversely, the sell arrow is triggered when the hybrid line crosses the upper line of the STD channel from above to below. This signal indicates a possible downward trend reversal or a suitable moment to enter a sell position.
Furthermore, the "MRA Index" indicator provides the choice to activate or deactivate the Bollinger Bands (BB) as a filtering mechanism for drawing buy and sell arrows. When the BB filter is enabled, the indicator only draws a buy arrow if the closing price of a candle is above the lower band of the BB, and it draws a sell arrow if the closing price is below the upper band of the BB. This additional filtering helps traders to identify potential trend reversals with increased confidence.
 
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MRA Index a special Forex indicator created by me continues generating huge profits. :)
 
MRA Index a special Forex indicator created by me continues generating profits. :)
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Would you be willing to share your code (and the settings that you are using?)? I am having trouble in getting it working on TradingView. My code is below if you're interested.
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//@version=5
indicator("MRA Index", overlay=false)
// Input parameters
mfiLength = input.int(14, "MFI Length", minval=1)
rsiLength = input.int(14, "RSI Length", minval=1)
atrLength = input.int(14, "ATR Length", minval=1)
signalLength = input.int(9, "Signal Line Length", minval=1)
sensitivity = input.float(1.0, "Signal Sensitivity", minval=0.1, step=0.1)
// Calculate indicators
mfi = ta.mfi(hlc3, mfiLength)
rsi = ta.rsi(close, rsiLength)
atr = ta.atr(atrLength)
// Calculate hybrid line
hybridLine = (mfi + rsi) / 2 * atr
// Calculate signal line
signalLine = ta.ema(hybridLine, signalLength)
// Generate buy/sell signals with added sensitivity
buySignal = ta.crossover(hybridLine, signalLine) and (hybridLine - signalLine > sensitivity)
sellSignal = ta.crossunder(hybridLine, signalLine) and (signalLine - hybridLine > sensitivity)
// Plot histogram
hist = hybridLine - signalLine
hcolor = hist >= 0 ? #00FFFF : #FF4444 // Cyan for positive, red for negative
plot(hist, title="Histogram", style=plot.style_columns, color=hcolor)
// Plot lines
plot(hybridLine, title="Hybrid Line", color=color.yellow, linewidth=2)
plot(signalLine, title="Signal Line", color=color.red, linewidth=2)
// Plot buy/sell arrows on the main chart
plotshape(buySignal, title="Buy Signal", location=location.top, style=shape.triangleup, size=size.small, color=color.blue, transp=0)
plotshape(sellSignal, title="Sell Signal", location=location.top, style=shape.triangledown, size=size.small, color=color.red, transp=0)
// Generate alerts
alertcondition(buySignal, title="Buy Signal", message="MRA Index: Buy Signal")
alertcondition(sellSignal, title="Sell Signal", message="MRA Index: Sell Signal")
// Adjust scaling
price = close
plot(price, display=display.none)
 
Would you be willing to share your code (and the settings that you are using?)? I am having trouble in getting it working on TradingView. My code is below if you're interested.
View attachment 336670
//@version=5
indicator("MRA Index", overlay=false)
// Input parameters
mfiLength = input.int(14, "MFI Length", minval=1)
rsiLength = input.int(14, "RSI Length", minval=1)
atrLength = input.int(14, "ATR Length", minval=1)
signalLength = input.int(9, "Signal Line Length", minval=1)
sensitivity = input.float(1.0, "Signal Sensitivity", minval=0.1, step=0.1)
// Calculate indicators
mfi = ta.mfi(hlc3, mfiLength)
rsi = ta.rsi(close, rsiLength)
atr = ta.atr(atrLength)
// Calculate hybrid line
hybridLine = (mfi + rsi) / 2 * atr
// Calculate signal line
signalLine = ta.ema(hybridLine, signalLength)
// Generate buy/sell signals with added sensitivity
buySignal = ta.crossover(hybridLine, signalLine) and (hybridLine - signalLine > sensitivity)
sellSignal = ta.crossunder(hybridLine, signalLine) and (signalLine - hybridLine > sensitivity)
// Plot histogram
hist = hybridLine - signalLine
hcolor = hist >= 0 ? #00FFFF : #FF4444 // Cyan for positive, red for negative
plot(hist, title="Histogram", style=plot.style_columns, color=hcolor)
// Plot lines
plot(hybridLine, title="Hybrid Line", color=color.yellow, linewidth=2)
plot(signalLine, title="Signal Line", color=color.red, linewidth=2)
// Plot buy/sell arrows on the main chart
plotshape(buySignal, title="Buy Signal", location=location.top, style=shape.triangleup, size=size.small, color=color.blue, transp=0)
plotshape(sellSignal, title="Sell Signal", location=location.top, style=shape.triangledown, size=size.small, color=color.red, transp=0)
// Generate alerts
alertcondition(buySignal, title="Buy Signal", message="MRA Index: Buy Signal")
alertcondition(sellSignal, title="Sell Signal", message="MRA Index: Sell Signal")
// Adjust scaling
price = close
plot(price, display=display.none)
it is Paid indicator on MQL5 Market for MT4
 
it is Paid indicator on MQL5 Market for MT4
Im sorry to hear that. My interpretation of this site is that it is for collaborative purposes.

FWIW, I have made progress on the TV indicator:
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Here is my code if anyone is interested in trying it in tradingview:
//@version=5
indicator("MFI+RSI/2 * ATR with Bollinger Bands", overlay=false)
// Input parameters
mfiLength = input.int(14, title="MFI Length")
rsiLength = input.int(14, title="RSI Length")
atrLength = input.int(14, title="ATR Length")
bbLength = input.int(20, title="BB Length")
bbStdDev = input.float(2.0, title="BB Standard Deviation")
// Calculations
mfi = ta.mfi(close, mfiLength)
rsi = ta.rsi(close, rsiLength)
atr = ta.atr(atrLength)
hybridLine = (mfi + rsi) / (2 * atr)
// Bollinger Bands
bbBasis = ta.sma(hybridLine, bbLength)
bbUpper = bbBasis + ta.stdev(hybridLine, bbLength) * bbStdDev
bbLower = bbBasis - ta.stdev(hybridLine, bbLength) * bbStdDev
// Plotting
plot(hybridLine, title="(MFI + RSI) / 2 * ATR", color=color.blue, style=plot.style_histogram)
plot(bbUpper, title="Upper Bollinger Band", color=color.red)
plot(bbLower, title="Lower Bollinger Band", color=color.green)
 
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