Which forex signal is the best

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Are forex signals worth it?

While joining a Forex signal service may seem like the ideal way to make a few pips, the truth is that it won’t do you much good. Sure, you may get lucky and find a service that provides decent signals, which may help you make a few pips here and there.

Which forex signal is the best

Can forex signals make you rich?

Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.

How do I get good forex signals?

To make sure traders receive trading signals at the right time, providers send the signals through multiple communication channels like SMS, e-mail, push notifications. Another option is to download platform add-ons that allow traders to receive their signals directly on their trading platform.

Can I trust forex signals?

They may not be reliable. One thing to bear in mind is that even if some Forex alerts and trading signals are ‘free’, they may not be free in the long run, as they could potentially cause you losses

Which forex signal is the best

What is the best signal indicator?

Moving average (MA)
Exponential moving average (EMA)
Stochastic oscillator.
Moving average convergence divergence (MACD)
Bollinger bands.
Relative strength index (RSI)
Fibonacci retracement.
Ichimoku cloud.

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Among hundreds of different indicators and technical tools for traders, the relative strength index (RSI) is one of the most popular due to its simplicity and, at the same time, its power in various trading cases. In this article, we want to tell you about another powerful tool similar to RSI but with some cool tweaks. It’s called the Money Flow Index (MFI), and you definitely should know about it as this index can take your trading to a new level and provide tons of valuable entry and exit points.

1- What Is Money Flow Index?

Money Flow Index (MFI) is a technical indicator that gives you the rate at which money is going in and out of a security. The main difference from the RSI is that the MFI uses volumes as a part of calculations, which can be quite helpful as volumes provide a better outlook on the market sentiment. Generally, the MFI is a mid-term instrument that works best on the H4 and higher timeframes, but skilled traders may use it for short-term trades as well.

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Money Flow Index (MFI) Calculation & Settings

Money Flow Index (MFI) Calculation & Settings
The MFI calculation follows four steps as below:

Determine the Typical Price (TP) of the relevant period
TP = (HIGH + LOW + CLOSE)/3

Determine the Money Flow (MF)
MF = TP * VOLUME

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If the current typical price is larger than the preceding typical price, then the money flow is positive, and vice versa. A positive flow implies that investors are building up positions on the underlying asset, whereas a negative money flow suggests that investors are exiting positions in the underlying asset.

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Determine the Money Ratio (MR)
MR = Positive Money Flow (PMF)/Negative Money Flow (NMF)

Compute the Money Flow Index (MFI)
MFI = 100 – (100 / (1 + MR))

The default time period of the MFI is 14, with the minimum at 0 and the maximum at 100. This means that the MFI value will oscillate between 0 and 100.

Can forex signals make you rich

To get the oscillator working, you must repeat the calculations above for the last 14 periods. It’s obvious that nobody would calculate the index by himself every time. Although the calculations are not too complex, we provide them only to understand the indicator better. We better switch to the part about reading the index and understanding it.

How To Read Money Flow Index?

The money Flow Index indicates the percentage of positive money flow compared to the total money flow. When the current typical price is higher than the previous one, it is considered positive money flow, and vice versa.

The MFI is an oscillator; we should read it like every other similar indicator. Readings above the 80 level represent an overbought zone and signal about possible downside reversal. The same goes for the level of 20 and lower. It’s the oversold zone with a higher chance of an upside swing.

It’s critical for successful trading to keep in mind that MetaTrader doesn’t provide you with accurate market volumes. It uses a “tick volume,” which can significantly differ from the “real volume.” Although we will be using MT5 to show you the indicator, some screenshots from TradingView (TV) will also be in the article because TV provides accurate volumes from the biggest exchanges like NASDAQ, NYSE, CME, etc.

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