The Money Flow Index (MFI) with Flat indicator for Metatrader 5 gauges market momentum and accurately identifies overbought and oversold conditions in the market.
Its primary purpose is to generate precise trade entry signals when the market is trending.
The Money Flow Index (MFI) with Flat indicator appears as a cloud oscillator in a separate chart window, using blue and magenta colors.
To identify overbought market conditions, look for an indicator reading that reaches or exceeds 70.
Conversely, an indicator reading that reaches or falls below 30 indicates oversold market conditions.
The indicator allows customizing the following settings and parameters: period, tick volume, MA period, MA type, colors, etc.
For optimal trading outcomes, it is recommended to use the Money Flow Index (MFI) with Flat indicator alongside other indicators like moving averages.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
Please note that the performance of this indicator may vary depending on market conditions, and it is important to maintain realistic expectations.
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The following chart shows how the Money Flow Index (MFI) with Flat indicator looks like when applied to the MT5 chart.
How to Use the Money Flow Index (MFI) With Flat Indicator for Buying and Selling Currency Pairs?
Find a simple trading strategy below:
- Buy condition: the currency pair should show an upward trend.
- The MFI with Flat indicator crosses back above the 30 level from below.
- Open a buy trade and place a protective stop loss below short-term support.
- Exit the buy trade for a predetermined profit target of your preference.
- Alternatively: close the long trade when the indicator reaches or surpasses the 70 overbought level.
- Sell condition: the currency pair should show a downward trend.
- The MFI with Flat indicator crosses back below the 70 level from above.
- Open a sell trade and place a protective stop loss above short-term resistance.
- Exit the sell trade for a predetermined profit target of your preference.
- Alternatively: close the short trade when the indicator reaches or surpasses the 30 oversold level.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the mfiwithflat.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration