The Money Flow Index Indicator MT4 is an oscillator indicator for MetaTrader 4, designed to identify overbought and oversold conditions. The MFI measures the inflow and outflow of capital within a trading instrument. By incorporating price action and trading volume, MFI provides a more comprehensive view of market strength than traditional oscillators. As a volume-weighted oscillator, it functions similarly to the Relative Strength Index (RSI), identifying overbought and oversold market conditions. The indicator oscillates between 0 and 100, with values above 80 signaling overbought conditions and levels below 20 indicating oversold conditions. Additionally, MFI generates potential reversal signals through divergence and convergence patterns. Finally, the indicator is customizable, with an MFI Period setting, making it a valuable asset for traders to identify overbought and oversold conditions.
This indicator is suitable for traders of all skill levels and across all time frames. It is designed for use with any currency pair and integrates into any forex trading system or strategy, to identify overbought and oversold conditions.
Indicator Settings
How to Install Money Flow Index Indicator MT4
Download and extract files in the MetaTrader “Indicators” Data Folder found in the Main Menu File section:
The “Indicators” folder is located in the “MQL4” folder.
Restart MetaTrader Platform.
