True MF I (Alternative to the standard MF I)
Info
The True MF I (Alternative to the standard MF I) is a Indicator for MetaTrader 5 that vladmskrise or fall in prices is often preceded by increased activity of trading. The True MFI indicator tries to use this factor.
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 the 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
VladMskRise or fall in prices is often preceded by increased activity of trading.
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.
Also recommended: IC T True Open and Power of 3 (PO3) Lines - similar indicator with strong performance on MetaTrader 5.
VladMskRise 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
This indicator was first implemented in MQL4 and published in on 15.06.2010.
Fig.1 The True MFI indicator
You may also like: Average True Range (AT R) - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.