Money Flow Index (MFI) Stock Screener

The Money Flow Index evaluates the strength of money flowing into and out of a financial asset . . . It is similar to the RSI, but it also takes into account the volume of trading activity

9 minutes

This post focuses on customizable Money Flow Index (MFI) factory scans, which can be edited, modified, or rewritten and then scanned using ChartAlert’s native stock screener or technical analysis scanner, namely the Basic Scanner and Advanced Scanner.

Display Money Flow Index (MFI) Values

Tags: mfi scanner, mfi screener, mfi stock screener, money flow index screener, money flow index strategy, money flow stock screener

List symbols
Add Column Money Flow Index(14) as MFI
Apply to NSE

This scan computes and displays the 14-period Money Flow Index for all symbols listed on the NSE.

OPTION 1

The following scan lists the values of the Money Flow Index with various periods. Please note that the abbreviated term “MFI” is used instead of “Money Flow Index”.

List symbols
Add Column MFI(14) as MFI14
Add Column MFI(25) as MFI25
Apply to NSE

Money Flow Index (MFI) in Overbought Zone

Tags: mfi above 70, mfi above 80, mfi overbought stocks, mfi strongly overbought, money flow index overbought, money flow index overbought declining, money flow index overbought decreasing

List symbols where MFI(14) has been above 80 for the last 3 bars
Add Column MFI(14) as MFI
Add Column MFI(14) 1 bar ago as MFI_1
Add Column MFI(14) 2 bars ago as MFI_2
Apply to NSE

This scan identifies NSE symbols whose 14-period MFI has consistently stayed above 80 for the past 3 bars. The output scan report also includes the 14-period MFI values for the last 3 bars.

OPTION 1

The ChartAlert scripting language offers a flexible feature to customize the comparison operator for the MFI threshold. You can replace “has been above” with symbols such as “>” (greater than) or “more than” according to your preference. This functionality can be applied to individual Index components like Nifty or multiple sectors simultaneously.

List symbols where MFI(14) > 80 for the last 3 bars
Add Column MFI(14) as MFI
Add Column MFI(14) 1 bar ago as MFI_1
Add Column MFI(14) 2 bars ago as MFI_2
Apply to Nifty
Apply to Junior
Apply to NSE Sector Technology

OPTION 2

To identify symbols where the MFI values are in the Overbought Zone, simply revise the scan as follows:

List symbols where MFI(14) > 80
Add Column MFI(14) as MFI
Add Column MFI(14) 1 bar ago as MFI_1
Add Column MFI(14) 2 bars ago as MFI_2
Apply to NSE

Money Flow Index (MFI) in Oversold Zone

Tags: mfi below 20 stocks, mfi below 30, mfi oversold stocks, mfi strongly oversold, money flow index oversold, money flow index oversold improving, money flow index oversold increasing

List symbols where MFI(14) has been below 20 for the last 3 bars
Add Column MFI(14) as MFI
Add Column MFI(14) 1 bar ago as MFI_1
Add Column MFI(14) 2 bars ago as MFI_2
Apply to NSE

This scan identifies NSE symbols that have exhibited a continuous trend of the 14-period MFI having remained below 20 for the past 3 bars. The scan report also includes the values of the 14-period MFI for the last 3 bars.

OPTION 1

The ChartAlert scripting language provides the option to modify the comparison operator from “has been below” to “<” or “less than,” depending on personal preference. This flexibility allows you to apply the scan to individual Index components like Nifty or multiple sectors simultaneously.

List symbols where MFI(14) < 20 for the last 3 bars
Add Column MFI(14) as MFI
Add Column MFI(14) 1 bar ago as MFI_1
Add Column MFI(14) 2 bars ago as MFI_2
Apply to Nifty
Apply to Junior
Apply to NSE Sector Technology

OPTION 2

To identify symbols where the MFI values are in the Oversold Zone, revise the scan as follows:

List symbols where MFI(14) < 20
Add Column MFI(14) as MFI
Add Column MFI(14) 1 bar ago as MFI_1
Add Column MFI(14) 2 bars ago as MFI_2
Apply to NSE

Overbought with a Declining Money Flow Index (MFI)

Tags: mfi above 70, mfi above 80, mfi overbought stocks, mfi strongly overbought, money flow index overbought, money flow index overbought declining, money flow index overbought decreasing

List symbols where MFI(14) has crossed below 80 after remaining above for 3 bars
Add Column MFI(14) as MFI14
Apply to NSE

This scan identifies instances where the 14-period MFI has recently crossed below the 80 level, following a sustained period of being above 80 for 3 bars. The scan report also includes the display of the 14-period MFI.

Oversold with an Improving Money Flow Index (MFI)

Tags: mfi below 20 stocks, mfi below 30, mfi oversold stocks, mfi strongly oversold, money flow index oversold, money flow index oversold improving, money flow index oversold increasing

List symbols where MFI(14) has crossed above 20 after remaining below for 3 bars
Add Column MFI(14) as MFI14
Apply to NSE

This scan aims to identify symbols in which the 14-period MFI has recently crossed above the 20 level, following a period of being below the 20 level for 3 consecutive bars. The output scan report includes the 14-period MFI value as well.

OPTION 1

Here, an extra criterion has been incorporated to verify if the volume during this period is higher than the average volume.

List symbols where MFI(14) has crossed above 20 after remaining below for 3 bars
And Volume > Average Volume(10)

Add Column MFI(14) as MFI14

Apply to NSE

Money Flow Index Moving Average Bullish Crossover

Tags: mfi moving average bullish crossover, money flow index crossover, money flow index crossover bullish

List symbols where MFI(14) has crossed above EMA(3,MFI(14)) after remaining below for 3 bars
Add Column MFI(14) as MFI14
Add Column EMA(3,MFI(14)) as EMA3_MFI14
Apply to NSE

This scan is designed to identify instances where a specific condition occurs in the market. It searches for symbols where the 14-period MFI has recently crossed above the 3-period Exponential Moving Average (EMA) of the indicator. Prior to this crossover, the MFI remained below the EMA for 3 consecutive bars. The scan report includes the values of both the 14-period MFI and the Moving Average.

OPTION 1

Additionally, there is an option to incorporate an additional filter. This filter examines whether the MFI(14) is still below 20, which is considered the oversold zone. By applying this filter, the scan focuses on symbols where the MFI is not only exhibiting the desired crossover behavior but also remains in the oversold zone.

List symbols where MFI(14) has crossed above EMA(3,MFI(14)) after remaining below for 3 bars
And MFI(14) < 20

Add Column MFI(14) as MFI
Add Column EMA(3,MFI(14)) as EMA_MFI

Apply to NSE

OPTION 2

To modify the Moving Average type, you can easily replace “EMA” with “WMA” for Weighted Moving Average, or choose another appropriate indicator. In the following example, we have replaced “EMA” with “WMA” to illustrate the Weighted Moving Average. Additionally, it’s worth noting that this scanning process focuses solely on identifying crossovers, regardless of the respective positions of the values before the crossover occurs.

List symbols where MFI(14) has crossed above WMA(3,MFI(14))
Add Column MFI(14) as MFI14
Add Column WMA(3,MFI(14)) as WMA_MFI14
Apply to NSE

Money Flow Index Moving Average Bearish Crossover

Tags: mfi moving average bearish crossover, money flow index crossover, money flow index crossover bearish

List symbols where MFI(14) has crossed below EMA(3,MFI(14)) after remaining above for 3 bars
Add Column MFI(14) as MFI14
Add Column EMA(3,MFI(14)) as EMA3_MFI14
Apply to NSE

This scan identifies symbols that are exhibiting a specific pattern: the 14-period MFI has recently crossed below the 3-period Exponential Moving Average (EMA) of the MFI after having remained above it for a consecutive period of 3 bars. As part of the scan report, both the 14-period MFI and Moving Average values are provided.

OPTION 1

To further enhance the scan results, we propose the addition of an extra filter. This filter involves checking whether the MFI (14) is still above 80, which is commonly considered the overbought zone.

List symbols where MFI(14) has crossed below EMA(3,MFI(14)) after remaining above for 3 bars
And MFI(14) > 80

Add Column MFI(14) as MFI
Add Column EMA(3,MFI(14)) as EMA_MFI

Apply to NSE

OPTION 2

To modify the Moving Average type, you can easily switch from EMA (Exponential Moving Average) to WMA (Weighted Moving Average) or other available options. In the following example, we have chosen to employ the WMA, replacing EMA accordingly. Moreover, the scan we are discussing identifies crossovers without considering their specific position before the occurrence.

List symbols where MFI(14) has crossed below WMA(3,MFI(14))
Add Column MFI(14) as MFI14
Add Column WMA(3,MFI(14)) as WMA_MFI14
Apply to NSE

Bearish Money Flow Index (MFI) Divergence

Tags: mfi bearish divergence, mfi divergence scanner, mfi divergence screener

List symbols where pattern is Bearish Divergence MFI
'Plot MFI(14)
Apply to NSE

This scan is designed to identify NSE symbols that display a typical bearish MFI divergence. By default, a 14-bar time period is utilized to detect this type of divergence. The analysis is based on the high and low values of the price, with a minimum requirement of 5 bars.

If you wish to search for hidden divergences, explore the option listed below.

OPTION 1

To identify hidden divergences using a 21-period MFI, modify the scan as indicated below. In this case, the closing price is used. Additionally, the output report includes the computed value of MFI(21):

List symbols where pattern is Bearish Divergence MFI(21, Hidden, 5, Close) 
Add Column MFI(21) as MFI21
Apply to NSE

Bullish Money Flow Index (MFI) Divergence

Tags: mfi bullish divergence, mfi divergence scanner, mfi divergence screener

List symbols where pattern is Bullish Divergence MFI
'Plot MFI(14)
'Plot MFI(21)
Apply to NSE

This scan is designed to identify NSE symbols that exhibit a classic bullish MFI divergence pattern. By default, the scan uses a 14-bar time period to detect this classic divergence. The high and low prices are analyzed to identify divergence, and a minimum of 5 bars is required for the pattern to be recognized.

If you are interested in detecting hidden divergences, please consider the option listed below.

OPTION 1

To identify hidden divergences using a 21-period MFI, you can modify the scan as follows. In this case, the Close price is used for analysis. The output report will also include the calculated value of MFI(21):

List symbols where pattern is Bullish Divergence MFI(21, Hidden, 5, Close) 
Add Column MFI(21) as MFI21
Apply to NSE

For comprehensive insights into the Money Flow Index (MFI), including its calculation methodology, how to effectively use the MFI in trading, including some practical tips on using MFI, as well as an exploration of its advantages and limitations as an indicator, click here.

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