True MFI (Alternative to the standard MFI)

True MFI (Alternative to the standard MFI)

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Rise or fall in prices is often preceded by increased activity of trading. The True MFI indicator tries to use this factor. The MFI “standard” technical indicator uses price for calculation. As a result it practically coincides with the RSI that makes the MFI indicator rare to use. In the TMFI indicator the price is used for definition of movement direction and volume is used for calculation of movement amount. As the majority of the indicators, the promptness increases when timeframe increases.

Indicator’s file uses the classes of the SmoothAlgorithms.mqh library. Working with that class was described in details in the article “Averaging price series for intermediate calculations without using additional buffers”

This indicator was first implemented in MQL4 and published in Code Base on 15.06.2010.

 

MT5 Indicator – Download Instructions

True MFI (Alternative to the standard MFI) is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.

True MFI (Alternative to the standard MFI) provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly.

How to install True MFI (Alternative to the standard MFI).mq5?

  • Download True MFI (Alternative to the standard MFI).mq5
  • Copy True MFI (Alternative to the standard MFI).mq5 to your Metatrader Directory / experts / indicators /
  • Start or restart your Metatrader 5 Client
  • Select Chart and Timeframe where you want to test your indicator
  • Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
  • Right click on True MFI (Alternative to the standard MFI).mq5
  • Attach to a chart
  • Modify settings or press ok
  • Indicator True MFI (Alternative to the standard MFI).mq5 is available on your Chart

How to remove True MFI (Alternative to the standard MFI).mq5 from your Metatrader 5 Chart?

  • Select the Chart where is the Indicator running in your Metatrader Client
  • Right click into the Chart
  • “Indicators list”
  • Select the Indicator and delete

Click here below to download MT5 Indicator:

True MFI (Alternative to the standard MFI)

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