MT4 Money Flow Index Level Indicator Download - Free | Forex Indicator Download - MetaTrader 4 Resources

The MFI Level Indicator is designed to show key price reaction levels in the Forex market . This indicator is designed for MetaTrader 4 and plots 3 support levels and 3 resistance levels based on the Money Flow Index (MFI) .

The MFI Level Indicator consists of one main level , which is updated every four hours by default, along with six additional levels .

MFI level indicator specification table

The specifications of the MFI level indicator are shown in the table below:

bullish trend conditions

In this 5 minute chart of Gold/USD , the price hits support levels and moves higher. As shown in the chart, the bullish move successfully broke through the resistance level , indicating an uptrend in buying pressure and power .

Bearish trend conditions

This USD/CAD 1 Minute Chart Analysis shows how the MFI Level indicator is running in a downtrend.

As shown in the image, the highlighted line acts as a resistance level and the price immediately falls when it is touched.

MFI horizontal indicator settings

The image below shows the customizable settings of the MFI Level indicator:

• Level 1 : First level calculation
• Level 2 : Secondary Calculation
• Level 3 : Third level calculation
• Movement of the last candle of the update line : the number of recent candles to skip during level updates
• Number of candles used to calculate MFI levels : Number of candles used to calculate levels
• Time range for calculating MFI : Main time range used for MFI calculation
• Update line time range : Time interval for updating levels
• Main Line : The color of the main horizontal line
• Lines : the colors of the three support and resistance lines
• Number of Previous Candles (Based Calculation) : Number of previous candles used for background calculations
• Microcredit period : period value used in MFI calculations

in conclusion

The MFI Level indicator is one of the key tools of technical analysis , designed to create price reaction levels on charts.

As a MT4 Pivot Point Indicator , it calculates and draws support and resistance lines based on the Money Flow Index .

A key feature of the product is the ability to set customizable capacity level update schedules for MFI level indicators .