Introduction
Evaluating the effectiveness of the MFI Modern PRO trading robot, it's clear that this tool has garnered a fair amount of attention. With a user rating of 4.94 and positive feedback from traders like Yong Qing Chen and Nastase, it seems promising. However, as a professional trader and MQL5 programmer, I'm always skeptical until proven otherwise.Description of Features
MFI Modern PRO is an advanced version of the standard Money Flow Index (MFI) indicator. It includes dynamic period adjustments and additional filters like Bollinger Bands and CCI. The indicator creates visual clouds at the intersection of various levels and draws arrows upon the completion of each cloud formation. These clouds represent zones where overbought or oversold conditions are active and about to end. Arrows appear when the MFI line exits one of these zones, indicating the direction for Buy or Sell trades.Analysis of Results
Over the past year, MFI Modern PRO has shown to be profitable when used correctly. User reviews suggest that it is easy to use and effective, but the default settings are not profitable. Traders must invest time in backtesting and customization to achieve optimal results. The indicator's dynamic adjustments and additional filters enhance its accuracy, making it a reliable tool for those willing to put in the effort.Pros and Cons
- Pros:
- Dynamic period adjustments
- Additional filters for enhanced accuracy
- Positive user feedback
- Customizable settings
- Cons:
- Default settings are not profitable
- Requires time for backtesting and customization
- Reliance on this indicator alone without proper risk management can lead to losses
Conclusion
MFI Modern PRO is a powerful tool for traders who are willing to invest time in understanding and customizing it. While it has its drawbacks, its dynamic adjustments and additional filters make it a versatile and reliable indicator. However, no indicator is a silver bullet, and proper risk management is essential.Source Code of MFI Modern PRO
We do not have access to the original source code of the MFI Modern PRO robot sold on MQL5. However, based on its description, we have created a sample code that replicates its functionality. This code is available for educational purposes and can be found on our website. Note that the EASY Trading Team does not sell the MFI Modern PRO robot; we only provide a sample code based on its description.
Code:
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