2. Added 60/ 40 lines as the MFIrespects these incredibly well in trends. E.g. in a solid uptrend the MFI won't go below 40 , and vice versa. Use the idea of support and resistance levels on the indicator and it'll be a great help. I've coloured the zones. Strong uptrends should stay above 60, strong downtrends should stay below 40 . The zone in between 40-60 I've called the transition zone. MFI often stays here in consolidation periods, and in the last leg of a cycle/trend the MFI will oftendrop into this zone after being above 60 or below 40 . This is a great sign that you should get out and start looking to reverse your position. Hopefully it helps to spot divergences as well.
3. Added alerts based on an overbought/oversold cross. Also added an alert for when either condition is triggered, so hopefully that's useful for those struggling with low alert limits. Feel free to change the overbought/oversold levels, the alerts + crossover visual are set to adapt .
Like any indicator, don't use this one alone. It works best paired with indicators/techniques that contradict it. You'll often see a OB/OS cross, and price will continue on it's way for many weeks more. But MFI is a great tool for identifying upcoming trend changes.