Real MFI (Replacement of Standard MFI) - MetaTrader 5 Script - MT4/MT5 Resources
Real author:
Price increases or decreases are often preceded by an increase in trading activity. The Real MFI indicator attempts to use this factor. The MFI "Standard" technical indicator uses prices for its calculations. Therefore, it actually coincides with the RSI, which makes the MFI indicator rarely used. In the TMFI indicator, price is used to define the direction of the move and volume is used to calculate the volume of the move. As with most indicators, as the time frame increases, so does the timeliness.
The indicator's file uses the SmoothAlgorithms.mqh library class. How to use this class is described in detail in the article "Average price series for intermediate calculations without using additional buffers"
The indicator was first implemented in MQL4 and published in the code base on June 15, 2010.
Figure 1 Real MFI indicator
Attachment download
📎 smoothalgorithms.mqh (133.8 KB)
📎tmfi.mq5 (10.22 KB)
Source: MQL5 #1154
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