The Mass Index Metatrader 5 custom indicator is also referred to as MI MT5 indicator, and it is used to pinpoint trend reversals as they occur on the activity chart.
The indicator model is built around the changes between the highest and the lowest prices.
If the bandwidth broadens, the mass index will tend to grow; if on the other hand it squeezes, then the mass increase will lessen.
There are four input parameters that defines the MI Mt5 custom indicator:
First smoothing period – explains the opening smoothing period;
Second smoothing period – explains the secondary smoothing period;
Resulting smoothing period – explains the subsequent smoothing period;
Method – explains the calculation method.
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Download the “MI.ex5” MT5 indicator
Example Chart
The Mass Index Metatrader 5 custom indicator is defined by the following formula:
MI = SUM(EMA(HIGH – LOW, First Period) / EMA(EMA(HIGH – LOW, First Period), Second Period), Resulting Period)
One of the core uses of the MI MT5 indicator is in spotting trend reversal, observe the current trend that market is enmeshed in and wait for the medium blue line of the Mass Index to either break above or below the 0.00 level.
For instance, if we have a buy trend running and the medium blue line of the Mass Index break below or above 0.00 level, a reversal is underway.
Conversely, a reversal is underway if a sell alert is running and the medium blue line of the Mass Index break below or above the 0.00 level.
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Download the “MI.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (First smoothing period, Second smoothing period, Result smoothing period, Method), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator
Installation
Copy and paste the MI.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)