Money Flow Index Indicator for MT4 and MT5

Written by Dominic Walsh · Published 16 Jun 2026 · Last updated 24 Sep 2026

The Money Flow Index is often called a volume-weighted RSI. This money flow index indicator adds each bar’s typical price times its volume to a rising or falling pile, compares the two piles over fourteen bars, and scales the result from zero to one hundred. It then marks the bar where the reading leaves an extreme zone.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Separate window (levels 80 / 70 / 50 / 30 / 20)
Plots	4: MFI, MFI Signal, MFI Buy, MFI Sell
Alerts	popup, push notification, email, sound
Inputs	11

The chart output explained

Two lines and two marks in a pane.

`MFI` traces dodger blue at width 2.

`MFI Signal` traces orange at width 1.

`MFI Buy` prints lime with arrow 233.

`MFI Sell` prints red with arrow 234.

Guides sit at 20, 30, 50, 70 and 80.

• MFI: line, dodger blue, width 2
• MFI Signal: line, orange, width 1
• MFI Buy: arrow, lime, width 2, arrow code 233
• MFI Sell: arrow, red, width 2, arrow code 234

The logic, one stage at a time

Money flow

Each bar’s typical price is the average of its high, low and close. Multiplied by volume, it joins the positive pile if typical price rose, the negative pile if it fell.

The index

`MFIPeriod` `14` bars feed both piles. Their ratio becomes a reading from 0 to 100, just like RSI.

The marks

A buy prints when the reading climbs back above `LowerLevel` `30.0`. A sell prints when it drops back under `UpperLevel` `70.0`.

Using it on a chart

Above 70 means heavy buying pressure.

Below 30 means heavy selling pressure.

Marks appear on the way out of a zone.

The orange line is a 5-bar average.

`UseRealVolume` `false` reads tick volume.

Warm-up needs about fifteen bars.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

A reading leaving the upper or lower zone is what reports, with the current value. `EnableAlerts` is the switch; the popup and the speaker playing `SoundFile` ship on, while the phone and email routes start off.

Every Money Flow Index Indicator input

Core settings

Setting	What it does	Default
MFIPeriod	MFI lookback (typical price * volume). Bars in each money pile, `14`.	14
SignalPeriod	Smoothing for signal line. Signal line smoothing, `5`.	5
UpperLevel	Overbought threshold. Top zone boundary, `70.0`.	70.0
LowerLevel	Oversold threshold. Bottom zone boundary, `30.0`.	30.0
UseRealVolume	false = tick volume (forex), true = real volume. Use exchange volume, `false`.	off

Alert settings

Setting	What it does	Default
EnableAlerts	Switch for zone-exit messages, `true`.	on
EnablePopup	Popup, `true`.	on
EnablePushNotify	Phone route, `false`.	off
EnableEmail	Email route, `false`.	off
EnableSound	Speaker, ships on, `true`.	on
SoundFile	(see inputs panel)	alert.wav

Where the settings fit

Tick volume is available on every forex chart, so the index works everywhere. EURUSD H1 is the reference chart. On M5 zone exits come often. On D1 they mark exhausted swings.

Known limits

Tick volume only approximates real trading.

The index can stay in a zone for a long trend.

A zone exit is not a reversal on its own.

The speaker route ships on.

Copy the compiled Money Flow Index Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Related on forexmt4systems.com: Smart Money Concepts Strategy.

Download the Money Flow Index Indicator for MT4 and MT5

The zip holds the compiled Money Flow Index Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

How does the MFI differ from RSI?

RSI weighs only price changes. The Money Flow Index multiplies each bar’s typical price by its volume first, so heavy-volume bars count for more in the reading.

What does UseRealVolume false read on forex?

Tick volume, the number of price updates per bar. Spot forex has no central exchange volume, so tick count is the usual stand-in for activity.

When does MFI Buy print on the pane?

On the bar where the reading climbs from 30 or below to above 30. The mark flags the exit from the oversold zone, not the entry into it.

What is the orange MFI Signal line for?

A five-bar average of the index. It smooths the line so you can see when money flow is rising or fading, though the marks themselves do not use it.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Money Flow Index Indicator as one input. Always backtest before trading live.