Skip to content

Trading Resources & Education for Forex Traders

MFI Trend Hunter

September 28, 2024

MFI Trend Hunter

Description

MFI Trend Hunter is an advanced MT5 trading robot that leverages the Money Flow Index (MFI) and candlestick pattern recognition to identify high-probability trading opportunities. Designed for traders who seek to optimize their strategies based on market momentum, this expert advisor ensures precise entries and exits while managing risk effectively through customizable stop-loss and take-profit settings.

User Manual

Installation:

    1. Open the MetaTrader 5 platform.
    2. Navigate to the “File” menu and select “Open Data Folder.”
    3. In the opened folder, locate the “MQL5” directory, and then the “Experts” subfolder.
    4. Copy the MFI_Trend_Hunter.ex5 file into the “Experts” folder.
    5. Restart MetaTrader 5.
    6. Find MFI Trend Hunter in the “Navigator” panel under “Expert Advisors.”
    7. Drag and drop it onto the chart of the desired trading instrument.

Setting Up Parameters:

    1. After attaching the EA, adjust the settings in the “Inputs” tab:
      1. InpSL: Stop Loss in points.
      2. InpTP: Take Profit in points.
      3. InpSlippage: Maximum slippage allowed.
      4. InpMagicNumber: Unique identifier for trades made by this EA.
      5. InpPeriodMFI: Period for the MFI calculation.
      6. InpDuration: Holding period in bars before closing the position automatically.
      7. InpAverBodyPeriod: Period for calculating the average body size of candlesticks.
      8. InpVolume: Volume for the MFI calculation.

Trading Signals:

    1. The robot will analyze each new bar for entry and exit signals based on MFI levels and candlestick patterns.
    2. Buy signals are triggered when the MFI indicates an upward momentum, and sell signals occur during downward momentum.

Risk Management:

    1. The robot will automatically manage open positions based on the defined stop-loss and take-profit levels.
    2. Ensure proper risk management by setting appropriate lot sizes based on your account balance.

Settings

  • InpSL: Set stop loss (in points) for managing risk.
  • InpTP: Set take profit (in points) for securing profits.
  • InpSlippage: Control the maximum slippage for trades.
  • InpMagicNumber: Assign a unique identifier for the EA to manage its trades.
  • InpPeriodMFI: Specify the MFI period (default: 14).
  • InpDuration: Define how long the EA should hold a position before considering automatic closure (default: 10 bars).
  • InpAverBodyPeriod: Set the period for the average body size of candlesticks (default: 5).
  • InpVolume: Set the volume used for MFI calculation.

FAQ

What is MFI?

  • The Money Flow Index (MFI) is a momentum indicator that measures the flow of money into and out of an asset, used to identify overbought or oversold conditions.

How do I customize the robot’s parameters?

  • You can adjust the parameters in the “Inputs” tab after attaching the EA to your chart. It allows you to modify the risk settings and trading conditions.

Can I run this EA on multiple pairs?

  • Yes, you can run MFI Trend Hunter on multiple currency pairs simultaneously, but ensure to set a unique magic number for each instance.

What timeframes does the robot work best on?

  • While the EA can function on any timeframe, it is recommended to use it on M15 or H1 for optimal results.

What should I do if the EA doesn’t open trades?

  • Ensure that the market conditions meet the criteria for opening trades. Check the logs for error messages, and confirm that the inputs are set correctly.

Can I backtest this EA?

  • Yes, you can backtest the MFI Trend Hunter on historical data using the Strategy Tester feature in MetaTrader 5.

What happens if there’s a market gap?

  • The EA manages slippage based on your settings; however, during significant news events or market openings, slippage may exceed your specified limits.

Additional Notes

  • Regularly monitor the performance of the EA and make adjustments to the parameters based on market conditions.
  • Keep the trading account funded and ensure compliance with your broker’s terms and conditions.
  • For further support or updates, contact the developer or refer to the user manual provided with the robot.

This setup should provide a comprehensive guide for users interested in deploying the MFI Trend Hunter trading robot on their MT5 platform.

 

Scroll To Top