UltraMFI_HTF Indicator For MT5
The UltraMFI_HTF Indicator For MT5 plots an UltraMFI indicator, with the option to select the time frame. The UltraMFI is based on the Money Flow Index (MFI) and analyzes its multiple signal lines. It gets plotted as a cloud indicator, whose color determines the trend direction, while the width of the cloud depicts the trend strength. The underlying market trend is deemed to be up when the cloud is painted Lime Green. An Orange cloud signifies that a down trend is in place. The indicator overbought level is set at 8.00, while the oversold level is marked at 2.00. The original Money Flow Index was jointly conceived by Gene Quong and Avrum Soudack. The duo first introduced the indicator in the March 1989 issue of Technical Analysis of Stocks and Commodities. Most technical oscillators use only price data to calculate the momentum in an asset. The UltraMFI_HTF Indicator For MT5 is unique in that it uses both price and volume data to measure buying pressure and selling pressure. Since it is linked to volume, the indicator is ideally suited to spot price extremities and market reversals points.
Installing the UltraMFI_HTF 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_HTF.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_HTF Indicator For MT5
The UltraMFI_HTF Indicator For MT5 has 0 parameters to configure.
Buffers of the UltraMFI_HTF Indicator For MT5
The UltraMFI_HTF Indicator For MT5 provides 0 buffers.
Main Parts Of The Code