Brief Description: Monster Breakout Index V2 is a the successor to Monster Breakout Index, an indicator I published on May 13, 2020. Like it's predecessor, MBI V2 gives high quality signals and is incredibly robust at preventing you from trading sideways/consolidating markets. ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Interpreting Signals: Green = Buy Red = Sell ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Calculation: 1) Calculate the median price of each bar over n periods. Determine the highest & lowest medians. 2) Current bar's high > highest median? -----Yes = Buy signal 3) Current bar's low < lowest median? -------Yes = Sell signal
Note: Occasionally, the indicator will simultaneously produce both a buy & sell signal. Because of this, it is recommended you use at least one other indicator in conjunction with this one...OR alternatively, ignore this double signal. ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Enjoy ;)
can you please give me an example which indicator i could use with this? :)
racer8
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@mariachirva2003, idk...up to u bro :) I guess use a moving avg.
speckles
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I like it, Simple but works
EDenson22
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Can you set an alert for the change from green to red?
speckles
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@EDenson22, Here we go: create an alert with alert on close. Alert will fire if bar changes to green or red and not both. Alert 2 will only fire once, eg was back and now green or was red and now green so you don't get an alert every bar which is annoying. I use it with buy 2 and sell 2 alerts. Copy and paste to the bottom
Buy = up and not dn
Sell = dn and not up
alertcondition(Buy, title="Buy", message="MBI Buy")
alertcondition(Sell, title="Sell", message="MBI Sell")
Buy2 = up and not dn and not up[1]
Sell2 = dn and not up and not dn[1]
alertcondition(Buy2, title="Buy2", message="MBI Buy 2")
alertcondition(Sell2, title="Sell2", message="MBI Sell 2")