Author: RickD
If you're diving into the world of trading, you might want to check out the MFIdivCandle indicator for MetaTrader 5. This handy tool helps you visualize the Money Flow Index (MFI) with a unique twist—by coloring the candles based on the MFI oscillator readings. Here’s how it works:
- Teal: Indicates that the MFI is in the overbought zone.
- Pale Green: Shows that the MFI is above the 50 level and not in the overbought or oversold areas.
- Light Pink: Suggests that the MFI is below the 50 level and outside the overbought and oversold ranges.
- Deep Pink: Indicates that the MFI is in the oversold territory.
Fig.1. The MFIdivCandle indicator
This visual representation can make it easier to spot trading opportunities at a glance. Whether you’re a newbie or a seasoned trader, keeping an eye on the MFI can provide valuable insights into market conditions. Happy trading!
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