Here is a strategy I like to use on a regular basis. It utilizes the +DI Line, -DI Line, ADX, and MFI. To learn more about the ADX and DI Lines click here. The way this strategy works is by utilizing the -DI or +DI line in correlation with MFI on the chart.
How It Works
What we are looking for in this strategy is keeping an eye on the DI Lines and MFI and what we want is for them to line up like so:
-DI Line is under 15 and MFI is over 65 or
+DI Line is under 15 and MFI is under 35
This strategy plays out best when using the 15m or 1hr chart. If this sets up early enough in the day you can utilize this as a day trading strategy pretty easily. If this doesn't set up till late in the day it does generally play out well as a swing trade going into the next day.
Here is an example of the -DI Line version of this strategy lining up:
Here is the strategy for you to load into ThinkorSwim as well as a Scanner for both +DI and -DI Line Strategies:
If you need assistance on how to load a scan or strategy into your ThinkorSwim Platform click here.
DI Line + MFI Strategy
DI Line + MFI Scans
-DI Line Scan: http://tos.mx/qLjKE8
+DI Line Scan: http://tos.mx/d5TxyU