Description of Volume-weighted RSI (MFI) Pointer

Forums Indicators Volume-weighted RSI (MFI) Pointer Description of Volume-weighted RSI (MFI) Pointer

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    MFI Pointer is an indicator based on Money Flow Index indicator that uses both price and volume to measure buying and selling pressure. Money Flow Index is also known as volume-weighted RSI.

    MFI Pointer simply draws arrows on chart window when value of Money Flow Index (from parameter MFI_Period) is below MFI_Level (green upward pointing arrow) or above 100-MFI_Level (red downward pointing arrow). Indicator works on all timeframes and all currency pairs, commodities, indices, stocks etc.

    MFI Pointer have only 2 parameters, MFI_Period and MFI_Level. For example, if you set MFI_Period=14 and MFI_Level=10 indicator will draw arrows for values below 10 (green arrow) and above 90 (red arrow). Higher MFI level is always equal to 100-MFI_Level.

    MFI Pointer works in chart window, so you don’t need Money Flow Index indicator in additional separate window to recognize MFI extreme conditions, which often leads to trend reversals or retracements. Remember to be always careful when important political and macro-economic messages are published, when price oscillates around important support and resistance levels, pivots or round numbers and obviously always pay special attention to price action.

    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. Good luck!

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