Introduction to the BWMFI Bars Indicator
The BWMFI Bars Indicator is a forex trading tool based on the Market Facilitation Index that measures the strength or weakness behind a price move by calculating the change in price per one tick.
This indicator colorizes the candles accordingly. It doesn’t generate buy/sell trading signals on its own, but it’s helpful in technical analysis.
It fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the BWMFI Bars indicator in MT4?
Download the BWMFI Bars.rar archive at the bottom of this post, unpack it, then copy and paste the BWMFI Bars.ex4 or BWMFI Bars.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The BWMFI Bars indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free Forex MT4 BWMFI Bars Indicator
To download the BWMFI Bars Indicator for Metatrader 4 (MT4) for free just click the button below: