MFI Extremes Dashboard is an excellent tool for quickly analyzing several currency pairs simultaneously for the presence of overbought or oversold.

The Money Flow Index (MFI) uses both price and volume to measure the strength of purchases and sales. The MFI is also known as the volume-weighted RSI (Relative Strength Index).

The number of displayed characters is 30. The name of each symbol can be edited in the parameters, which allows you to work not only with default currencies, but also with instruments that have suffixes and prefixes in the names, as well as with goods, stocks, indices, etc…

The utility issues alerts, pushnotifications to mobile devices, as well as to e-mail, for example, from a virtual server (VPS).

The most important parameters are the MFI period (MFI_Period) and two levels (MFI_Low_Level, MFI_High_Level), above and below which alerts are triggered.

For example, with MFI_Period=14, MFI_Low_Level=20 and MFI_High_Level=80, alerts are triggered when the MFI value (for period 14) for a given currency pair and timeframe is below 20 (oversold) or above 80 (overbought).

Another parameter is Use_Only_Closed_Bars. If True, alerts are triggered only when the candle is closed. If False, alerts are triggered immediately.

[spoiler title=”Read More…”]

MFI Extremes Dashboard allows you to select alerts on combined timeframes (with matching conditions):

• a) M5 M15 M30 (Alerts_if_3_Lower_TFs_coherent),
• b) H1 H4 D1 (Alerts_if_3_Higher_TFs_coherent),
• c) M5 M15 M30 H1 H4 D1 (Alerts_if_ALL_TFs_coherent).

For each alert, you can select comments that work in two cases. Oversold_Comment is triggered if the MFI is oversold (the MFI value is lower than MFI_Low_Level-default comment: BUY), and Overbought_Comment is triggered if the MFI is overbought (the MFI value is higher than MFI_High_Level-default comment: SELL). Comments in alerts are inserted between the timeframe and the MFI period. Information in alerts sent by email: symbol, timeframe, comment, MFI (with a period) higher/lower than the MFI level (set in the parameters), for example:

• EURUSD M15 BUY-MFI (14) lower than 20 or
• USDCHF H1 SELL – MFI (7) higher than 75

If the parameters are left blank, alerts are sent without comments.

You can also choose whether the entire text of the message will be only in its body or also in the subject (Whole_Text_In_Email_Subject). If True, the alerts will look like this (if comments are disabled):

Subject: GBPUSDM5 – MFI (14) higher than 70

If False:

Subject: GBPUSD

Letter body: M5 – MFI (14) higher than 70

The panel header displays four parameters: the MFI period, two MFI levels, and the text: real-time volumes or only closed bars (depending on the value of the Use_Only_Closed_Bars parameter).

All colors of the RSI panel are customizable.

Default Colors:

• Green – the MFI value is below the minimum MFI level.
• Red – MFI is above the maximum MFI level.
• Gray – the MFI value at Near_Level_Percent points is above the minimum MFI value or below the maximum MFI level.

You can also set the maximum spread for sending alerts (Alerts_Max_Spread).

The spread values can also be indicated in different colors:

• a) when the value is lower than or equal to Alerts_Max_Spread,
• b) from 1 to 1.5 times higher than this parameter,
• c) more than 1.5 times higher than this parameter.

I suggest creating a new template with MFI Extremes Dashboard and a scheme without colors (None), while setting the background and foreground color to white.

Remember that no one but yourself is responsible for all your investment decisions.

Good luck!

[/spoiler]