Discussion of article "Learn how to design a trading system by MFI"
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New article Learn how to design a trading system by MFI has been published:
The new article from our series about designing a trading system based on the most popular technical indicators considers a new technical indicator - the Money Flow Index (MFI). We will learn it in detail and develop a simple trading system by means of MQL5 to execute it in MetaTrader 5.
Now, we will design a blueprint for each strategy as follows:
Based on this strategy, we need to give instructions to the trading system to check the MFI value at every tick and compare this value to specific levels (20 and 80) and decide or return the result as a comment on the chart according to this comparison. If the MFI is less than or equal to 20, it returns oversold and current MFI value as comments on the chart and each comment in a separate line. If the MFI is greater than or equal to 80, it returns overbought and current MFI as comments on the chart and each one in a separate line. If the MFI is above 20 and below 80, it returns the MFI current value only. The blueprint to do that looks as follows:
Author: Mohamed Abdelmaaboud