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MFI Extremes Dashboard Multi Analyzer
MFI Extremes Dashboard is a great tool for quickest possible analysis of multiple currency pairs in terms of Oversold or Overbought at the same time.
Money Flow Index (MFI) uses both price and volume to measure buying and selling pressure. MFI is also known as volume-weighted RSI (Relative Strength Index).
The number of displayed symbols is 30 and the name of each symbol can be edited in the parameters, so we are able to analyze not only predetermined currency pairs, but also other ones, commodities, equities, indices, currency pairs with prefixes and suffixes etc...
This analyzer is perfect for alert notifications through the MetaTrader terminal, push notifications to mobile device and also email alerts, e.g. from a VPS.
The most important parameters are period of MFI (MFI_Period) and two levels (MFI_Low_Level, MFI_High_Level), below and above which we will get alerts.
For example, if you set MFI_Period=14, MFI_Low_Level=20 and MFI_High_Level=80, you will receive alerts when the value of MFI (for period 14) for a given currency pair and a given timeframe will be below 20 (oversold) or above 80 (overbought).
Another parameter is Use_Only_Closed_Bars - if True, alerts come only from closed candles. If False, alerts come immediately from current candles.
MFI Extremes Dashboard gives us possibility to choose alerts from combined timeframes (with coincident conditions):
- a) M5 + M15 + M30 (Alerts_if_3_Lower_TFs_coherent),
- b) H1 + H4 + D1 (Alerts_if_3_Higher_TFs_coherent),
- c) M5 + M15 + M30 + H1 + H4 + D1 (Alerts_if_ALL_TFs_coherent).
For every alert we can add comments that work in two cases. Oversold_Comment works in the case of MFI oversold (MFI value lower than MFI_Low_Level - default comment: BUY) and Overbought_Comment works in the case of MFI overbought (MFI value higher than MFI_High_Level - default comment: SELL). Comments in alerts are embedded between timeframe and MFI period. Information that we receive in the email alerts are: symbol name, timeframe, comment, MFI (with given period) is lower/higher than (set in parameters) MFI level, e.g.:
- EURUSD M15 BUY - MFI (14) lower than 20 or
- USDCHF H1 SELL - MFI (7) higher than 75
If we leave blank fields in these parameters, we will get alerts without comments.
We can choose whether the whole text of email alert is in the body or in the subject of email messages (Whole_Text_In_Email_Subject). When set to True, alerts will look like (comments off):
Subject: GBPUSDM5 - MFI (14) higher than 70
Body: M5 - MFI (14) higher than 70
In the dashboard header, four actual parameters are displayed: MFI Period, two MFI Levels and text: Real Time Values or Only Closed Bars (depending on parameter Use_Only_Closed_Bars).
Every color of RSI Dashboard is modifiable.
Default colors of values and meaning:
- Green - means that value of MFI is below MFI Low Level.
- Red - MFI is above MFI High Level.
- Gray - MFI value is maximal Near_Level_Percent points above MFI Low Level or below MFI High Level.
We can set maximum spread, at which the notifications will come (Alerts_Max_Spread).
Spread values also can have different colors:
- a) when value is lower or equal to Alerts_Max_Spread,
- b) between 1 and 1.5 times higher than this parameter,
- c) above 1.5 times higher than this parameter.
I suggest to make a new template with MFI Extremes Dashboard and scheme without colors (None), only Background and Foreground set to White.
Remember, no one except yourself is responsible for any investment decision made by you.
You are responsible for your own investment research and investment decisions.