Introduction to the MFI RSI Divergence Indicator
The MFI RSI Divergence indicator is a forex tool based on Money Flow Index and Relative Strenght Index.
It recognizes, spots, and displays divergence. Additionally, it provides buy/sell arrows for bullish and bearish divergences.
We suggest using it for entries and exit ideas or as a filter in your favorite trading strategy.
The indicator is displayed in a separate window placed just below the main trading chart. It fits all kinds of timeframes and currency pairs.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
See also: COG RSI Indicator
How to set up the MFI RSI Divergence indicator in MT4?
Download the MFI RSI Divergence.rar archive at the bottom of this post, unpack it, then copy and paste the MFI RSI Divergence.ex4 or MFI RSI Divergence.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 MFI RSI Divergence 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 MFI RSI Divergence Indicator
To download the MFI RSI Divergence Indicator for Metatrader 4 (MT4) for free just click the button below: