Money Flow Index With Alerts
The Money Flow Index is RSI's volume-weighted cousin: it runs the same overbought/oversold logic but on typical price weighted by tick volume, so it reflects how much activity was behind a move, not just its direction. Traders who already watch RSI zones can read MFI the same way, with the added context that a big move on light volume no longer counts for as much as one backed by heavy activity. This indicator wraps the platform's built-in iMFI() with configurable overbought and oversold levels and an alert on the meaningful moment - not when MFI first gets stretched, but when it comes back out of the zone, which is closer to what most MFI-based entries actually watch for. The level lines drawn on the chart always match the levels the alert logic actually uses, since both read from the same inputs. Notes and limitations - MFI uses tick volume (price-change count) on the great majority of MT4 feeds, since true traded volume is rarely available at the broker level. - The alert fires on the exit from a zone, not the entry into it - a trader wanting the entry moment instead should treat this as a deliberate design choice, not an oversight, and adjust the comparison in the source if the entry moment is genuinely what is wanted. - Values are read straight from the platform's own iMFI(), so behaviour matches the built-in Money Flow Index exactly; this indicator adds levels and alerting on top, not a different formula. - Nothing here depends on anything other than closed-bar history, so there is nothing that can repaint.
Indicator · MT4 · v1.0 · Free
About Money Flow Index With Alerts
Money Flow Index With Alerts is an indicator for MetaTrader 4. It can alert you with a pop-up, sound, email or push message. It has 4 settings, such as Period, Overbought and Oversold. MQL source code included.
Files in the download: MfiAlerts.ex4, MfiAlerts.mq4, MfiAlerts.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Period | 14 | MFI period |
| Overbought | 80.0 | Overbought level |
| Oversold | 20.0 | Oversold level |
| Alerts | true | Alert once per closed bar on a level cross |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: RSI · Volume · Alerts · MT4 Indicator · MQL4 Source Code