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Money flow index MFI user function and indicator for Tradestation and Multicharts.

 

Do you have the correct Money flow index MFI in your Tradestation platform?

 

 

 

The lower plot shows the usual version of Money flow index MFI which is provided in some versions of Tradestation.

The formula is actually incorrect. The upper plot is the correct formula of Money Flow index which you can get here free.

The incorrect version is easily recognised because it has periods where its value stays unchanged even if the price of the market changes. (Lower plot)

 

 

The Money Flow 14 acts well as an overbought oversold indicator in the diagram below.

                                                                          The uses of Money Flow Index (MFI)

 

 

  • MFI can be used to measure divergences which highlight possible trend changes

  • It can be used as an overbought oversold indicator in the same way as one would use RSI

  • The crossing above 50 can be used to identify bullish condition

  • The crossing below 50 can be used to identify bearish condition

  • The above scenarios work best when using slower lengths of MFI

  • Using short term MFI lengths

  • Reduces F cost by huge amounts

  • Intelligent algorithms reduce whipsaw trades

  • Simple to use

  • Suitable for professionals and novices alike

  • Adjustable formula for fitting to your trading style

Money flow index indicator ELA code is available free if you score above 1075 in the Weekly Trading IQ game

 

To qualify for your free Volume flow indicator ela file, just create a free account and score 1075 or greater in the weekly contest

 then drop me an email with your account name. You will receive the indicator shortly after.

 

 

 

 

 

               MFI index crosses  > 50 perfectly correlating with the double top pattern and confirming it. (Sell)

Money FIow index works well as a divergence indicator ( longer lengths are better for this)

Money Flow Index (MFI) is an excellent indicator and a must have your trading tool kit.   

 

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