From TradersList Editors
From TradersList Editors
Leverage color-coded candles for instant market insights using MFI conditions to refine trading strategies on MetaTrader.
Leverage color-coded candles for instant market insights using MFI conditions to refine trading strategies on MetaTrader.
MFIdivCandle Indicator: Color-Coded Candles Based on Money Flow Index Conditions
MFIdivCandle Indicator: Color-Coded Candles Based on Money Flow Index Conditions

by godzilla on MetaTrader

by godzilla on MetaTrader
🤖
🤖
MFIdivCandle is a free MetaTrader indicator by RickD that uses the Money Flow Index oscillator to color candles as overbought, oversold, or neutral, providing distinct colors for each market condition.
MFIdivCandle is a free MetaTrader indicator by RickD that uses the Money Flow Index oscillator to color candles as overbought, oversold, or neutral, providing distinct colors for each market condition.

Get on MetaTrader
This indicator is available on MetaTrader charting platform. Signing up for a free account and downloading MetaTrader software is required.

Get on MetaTrader
This indicator is available on MetaTrader charting platform. Signing up for a free account and downloading MetaTrader software is required.
🔑
Open Source
Listing has publically available source code that can be audited and modified as needed.
🔑
Open Source
Listing has publically available source code that can be audited and modified as needed.
💸
Free Access
All features of this listing are fully free to use with no pricing tiers. Simply start using.
💸
Free Access
All features of this listing are fully free to use with no pricing tiers. Simply start using.
Published by godzilla on MetaTrader
Published by godzilla on MetaTrader
How the Money Flow Index Works
The Money Flow Index (MFI) is a volume-weighted momentum oscillator that ranges from 0 to 100. It combines price and volume data to measure buying and selling pressure. Readings above 80 suggest overbought conditions while readings below 20 signal oversold - but its real power lies in spotting divergences.
Divergence Detection on Candles
A divergence occurs when price makes a new high but the MFI does not confirm it, or price makes a new low while the MFI holds higher. This indicator colors candlesticks based on these divergences, making them instantly visible without needing to compare a separate oscillator panel to the price chart.
How the Money Flow Index Works
The Money Flow Index (MFI) is a volume-weighted momentum oscillator that ranges from 0 to 100. It combines price and volume data to measure buying and selling pressure. Readings above 80 suggest overbought conditions while readings below 20 signal oversold - but its real power lies in spotting divergences.
Divergence Detection on Candles
A divergence occurs when price makes a new high but the MFI does not confirm it, or price makes a new low while the MFI holds higher. This indicator colors candlesticks based on these divergences, making them instantly visible without needing to compare a separate oscillator panel to the price chart.
Why MFI Divergences Matter
Because MFI incorporates volume, its divergences carry more weight than price-only oscillators like RSI. When price pushes to a new high on declining volume-weighted momentum, it signals that the buying pressure behind the move is weakening - a concrete warning that the rally may be running out of fuel.
Visual Simplicity of Colored Candles
Instead of plotting arrows, dots or separate panels, the indicator recolors the candle body itself when a divergence is detected. This approach keeps the chart clean and ensures divergence signals are impossible to miss - the candle tells you everything you need to know in a single glance.
Why MFI Divergences Matter
Because MFI incorporates volume, its divergences carry more weight than price-only oscillators like RSI. When price pushes to a new high on declining volume-weighted momentum, it signals that the buying pressure behind the move is weakening - a concrete warning that the rally may be running out of fuel.
Visual Simplicity of Colored Candles
Instead of plotting arrows, dots or separate panels, the indicator recolors the candle body itself when a divergence is detected. This approach keeps the chart clean and ensures divergence signals are impossible to miss - the candle tells you everything you need to know in a single glance.
MFI divergences on candles
MFI divergences on candles
The Money Flow Index is a volume-weighted momentum oscillator. This indicator colors candlesticks based on MFI divergences, making them instantly visible without comparing a separate oscillator panel to the price chart.
The Money Flow Index is a volume-weighted momentum oscillator. This indicator colors candlesticks based on MFI divergences, making them instantly visible without comparing a separate oscillator panel to the price chart.
Spot Divergences Instantly
A divergence occurs when price makes a new high but MFI does not confirm. Because MFI incorporates volume, its divergences carry more weight than price-only oscillators.
Read Momentum Through Candle Colors
When price pushes to a new high on declining volume-weighted momentum, it signals buying pressure is weakening. The rally may be running out of fuel.
Simplify MFI Analysis
Instead of plotting arrows or separate panels, the indicator recolors the candle body when a divergence is detected. Signals are impossible to miss at a glance.
Common Questions About MFI Divergence Candles
Common Questions About MFI Divergence Candles
Coloring candles based on Money Flow Index divergences makes momentum warnings impossible to miss. Here are common questions about this visual approach.
Coloring candles based on Money Flow Index divergences makes momentum warnings impossible to miss. Here are common questions about this visual approach.
Why is MFI better than RSI for divergence detection?
MFI incorporates volume into its calculation while RSI uses only price. Divergences where volume-weighted momentum fails to confirm price moves carry more weight because they reflect actual buying or selling pressure rather than just price movement alone.
What does it mean when a candle is colored for divergence?
A colored candle indicates that price made a new high or low while the MFI failed to confirm. This non-confirmation suggests momentum behind the move is weakening. The colored candle provides immediate visual warning without checking a separate indicator panel.
Should I exit a trade immediately when a divergence candle appears?
Divergences warn of potential reversals but do not guarantee them. Price can continue trending despite divergences. Use divergence candles as alerts to tighten stops, take partial profits or prepare for possible reversal rather than immediate exits.
🌐
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Web sentiment
Web sentiment
Opinions on the MFIdivCandle tool are mixed. Users express appreciation for features but also display skepticism and criticism, reflecting a cautious and critical mood.
Opinions on the MFIdivCandle tool are mixed. Users express appreciation for features but also display skepticism and criticism, reflecting a cautious and critical mood.
Source: Online Discussion
Source: Online Discussion
Source: Online Discussion
✍️
✍️
TradersList Reviews (4)
TradersList Reviews (4)
TradersList Community has given this listing four stars, indicating a well trusted listing with great utility value. This listing is one of the better ones on TradersList.
TradersList Community has given this listing four stars, indicating a well trusted listing with great utility value. This listing is one of the better ones on TradersList.
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Source: TradersList Reviews
Source: TradersList Reviews

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Our goal is to achieve greater transparency, guidance and safety in trading and investing by providing means to discover, research and discuss trading/investing related sites/services.
Content provided on this site is not financial advice, meant for educational purposes only. TradersList does not endorse or guarantee any result for listed sites/services. Do your own research.
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Weekly listings
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Disclaimer
Our goal is to achieve greater transparency, guidance and safety in trading and investing by providing means to discover, research and discuss trading/investing related sites/services.
Content provided on this site is not financial advice, meant for educational purposes only. TradersList does not endorse or guarantee any result for listed sites/services. Do your own research.
Read full disclaimer
TradersList
Discover trading edge
Join Telegram
Disclaimer
Our goal is to achieve greater transparency, guidance and safety in trading and investing by providing means to discover, research and discuss trading/investing related sites/services.
Content provided on this site is not financial advice, meant for educational purposes only. TradersList does not endorse or guarantee any result for listed sites/services. Do your own research.
Read full disclaimer

