True MF I (Alternative to Standard MF I)
Info
The True MF I (Alternative to Standard MF I) is a Indicator for MetaTrader 5 that rise or fall in prices is often preceded by increased trading activity. The True MFI indicator aims to leverage this phenomenon.
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 True MF I (Alternative to Standard MF I)
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
Rise or fall in prices is often preceded by increased trading activity.
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: institutional kalman filter: dynamic true price estimation - another powerful indicator for MetaTrader 5 traders.
Rise or fall in prices is often preceded by increased trading activity. The True MFI indicator aims to leverage this phenomenon. The standard MFI technical indicator relies on price for calculation, resulting in a close resemblance to the RSI, which diminishes its utility. In the True MFI indicator, price determines the direction of movement, while volume is employed to calculate the magnitude of the movement.Also recommended: true open and power of 3 (po3) lines - similar indicator with strong performance on MetaTrader 5.
As with most indicators, promptness improves with larger timeframes.
The indicator's file utilizes classes from the smoothalgorithms.mqh library, which was comprehensively explained in an article.
This indicator was initially developed in MQL4 and released on 15.06.2022.
Fig.1: The True MFI Indicator
You may also like: average true range (atr) - 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 indicator_separate_window
#property indicator_buffers 2
#property indicator_plots 2
#property indicator_type1 draw_line
#property indicator_color1 clrmagenta
#property indicator_style1 style_solid
#property indicator_width1 1.......
⚠ 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.