Mass Index (MI) Indicator
Info
The Mass Index (MI) Indicator is a Indicator for MetaTrader 5 that the mass index (mi) is intended for detection of trend reversals based on changes in the bandwidth between the highest and the lowest prices. When the bandwidth expands, the Mass Index increases, and when it narrows, the index decreases.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Mass Index (MI) Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The Mass Index (MI) is intended for detection of trend reversals based on changes in the bandwidth between the highest and the lowest prices.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: multi-timeframe relative strength index (mtf rsi) indicator for mt4/mt5 - another powerful indicator for MetaTrader 5 traders.
The Mass Index (MI) is intended for detection of trend reversals based on changes in the bandwidth between the highest and the lowest prices.Also recommended: institutional fractal dimension index (regime detector) - similar indicator with strong performance on MetaTrader 5.
When the bandwidth expands, the Mass Index increases, and when it narrows, the index decreases.
The Mass Index was popularized by Donald Dorsey, who described the most important signal from the Mass Index as a 'reversal bulge'.
The reversal bulge is formed when the 25-period Mass Index first exceeds 27 and then falls below 26.5, indicating a possible price turn, regardless of the trend direction.
To determine whether to buy or sell based on the reversal bulge, a 9-period exponential moving average of prices is often used.
When a reversal bulge appears, it is time to buy if the moving average falls, and sell if it increases.
The calculation of the Mass Index is based on the sum of the bandwidth between the highest and lowest prices over a specified period.
The formula uses the following variables: sum, high price of the current bar, low price of the current bar, exponential moving average, and the indicator period (the number of summable values).
In addition to exponential moving average smoothing, the Mass Index can use other smoothing algorithms, including:
- Simple moving average
- Smoothed moving average
- Linear weighted moving average
- JMA adaptive average
- Ultralinear smoothing
- Parabolic smoothing
- Tillson's multiple exponential smoothing
- Smoothing with the use of Tushar Chande's algorithm
- Smoothing with the use of Perry Kaufman's algorithm.
It is worth noting that phase type parameters for different smoothing algorithms have different meanings.
The indicator uses the SmoothAlgorithms.mqh library classes, which must be copied to the terminal_data_folder\mql5\include directory.
This indicator was first implemented in MQL4 and published in 2026.
You may also like: relative strength index of volatility - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 9
#property indicator_plots 7
#property indicator_type1 draw_color_histogram
#property indicator_color1 gray,green,magenta
#property indicator_style1 style_solid.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.