UltraMFI Indicator For MT5
The UltraMFI Indicator For MT5 is often known as the money flow index indicator. Its focus on the price start length, start step and deviation in the price so that it can find the overbought and oversold condition of the trading instrument with an extreme level of accuracy. You can also use the reading to find the trending movement of the pairs. There are two important parameters you should consider. If the green color cloud is formed above the +8 mark, you should expect a strong bullish trend. On the contrary, if you spot a brown color cloud be prepare for the bearish retracement. Similarly, if the brown color cloud is formed below the -2 mark, you should be looking to short the pairs. On the contrary, you spot green color cloud below -2 mark, consider it as a sign of the oversold condition. Find the critical support and resistance level and use the reading of this indicator to analyze the quality of the trade setups.
Installing the UltraMFI Indicator For MT5
After you downloaded the indicator via the form above you need to unzip the zip-file. Then you need to copy the file UltraMFI.mq5 into the folder MQL5\Indicators of your MT5 installation. After that please restart MT5 and then you will be able to see the indicator in the list of indicators.
Parameters of the UltraMFI Indicator For MT5
The UltraMFI Indicator For MT5 has 0 parameters to configure.
Buffers of the UltraMFI Indicator For MT5
The UltraMFI Indicator For MT5 provides 0 buffers.
Main Parts Of The Code