diff --git a/README.md b/README.md
index 6e31ab89f..cbaae1076 100644
--- a/README.md
+++ b/README.md
@@ -1190,6 +1190,9 @@ public class MyApp {
 }
 ```
 
+See the [micrometer module README](./micrometer/README.md) for the full list of
+metrics that are published, their tags and how to use `MicrometerObservationCapability`.
+
 #### Static and Default Methods
 Interfaces targeted by Feign may have static or default methods (if using Java 8+).
 These allows Feign clients to contain logic that is not expressly defined by the underlying API.
diff --git a/micrometer/README.md b/micrometer/README.md
new file mode 100644
index 000000000..d060cefbe
--- /dev/null
+++ b/micrometer/README.md
@@ -0,0 +1,127 @@
+Micrometer
+===================
+
+This module integrates Feign with [Micrometer](https://micrometer.io/) so that
+HTTP calls made through Feign clients are observable through any Micrometer-supported
+monitoring system (Prometheus, Datadog, CloudWatch, etc.).
+
+Two capabilities are provided:
+
+* `MicrometerCapability` — publishes timers, counters and distribution summaries
+  to a `MeterRegistry`.
+* `MicrometerObservationCapability` — publishes Micrometer `Observation`s to an
+  `ObservationRegistry` (which can in turn produce metrics and tracing spans).
+
+Pick one — both record the same underlying call, so registering both would
+double-count.
+
+## Usage
+
+### `MicrometerCapability`
+
+```java
+GitHub github = Feign.builder()
+                     .addCapability(new MicrometerCapability())
+                     .target(GitHub.class, "https://api.github.com");
+```
+
+By default, metrics are registered with `io.micrometer.core.instrument.Metrics.globalRegistry`.
+Pass your own registry and/or common tags if you want explicit control:
+
+```java
+MeterRegistry registry = new PrometheusMeterRegistry(PrometheusConfig.DEFAULT);
+
+GitHub github = Feign.builder()
+                     .addCapability(new MicrometerCapability(registry, Tags.of("application", "my-app")))
+                     .target(GitHub.class, "https://api.github.com");
+```
+
+### `MicrometerObservationCapability`
+
+```java
+ObservationRegistry observationRegistry = ObservationRegistry.create();
+
+GitHub github = Feign.builder()
+                     .addCapability(new MicrometerObservationCapability(observationRegistry))
+                     .target(GitHub.class, "https://api.github.com");
+```
+
+To customize the tags or name of the observation, implement
+`FeignObservationConvention` (or extend `DefaultFeignObservationConvention`) and
+pass it to the constructor:
+
+```java
+new MicrometerObservationCapability(observationRegistry, new MyFeignObservationConvention());
+```
+
+## Metrics published by `MicrometerCapability`
+
+The capability instruments five stages of a Feign call. Each stage emits a
+timer; counters and distribution summaries are emitted where noted.
+
+| Name | Type | Description |
+| ---- | ---- | ----------- |
+| `feign.Feign` | Timer | Total time spent in the Feign method invocation, including encoding, the HTTP call and decoding. Recorded by `MeteredInvocationHandleFactory`. |
+| `feign.Feign.exception` | Timer | Same as above, recorded when the invocation throws (any `Throwable`). |
+| `feign.Feign.http_error` | Counter | Incremented once per `FeignException` thrown by an invocation. Adds `http_status` and `error_group` tags. |
+| `feign.Client` | Timer | Time spent in the underlying HTTP client for a single request. Recorded by `MeteredClient`. |
+| `feign.Client.exception` | Timer | Same as above, recorded when the HTTP call throws. |
+| `feign.Client.http_response_code` | Counter | Incremented once per HTTP response (including error responses). Adds `http_status`, `status_group`, `http_method` and `uri` tags. |
+| `feign.AsyncClient` | Timer | Async-equivalent of `feign.Client`. Recorded by `MeteredAsyncClient`. |
+| `feign.AsyncClient.exception` | Timer | Async-equivalent of `feign.Client.exception`. |
+| `feign.AsyncClient.http_response_code` | Counter | Async-equivalent of `feign.Client.http_response_code`. |
+| `feign.codec.Encoder` | Timer | Time spent encoding the request body. Recorded by `MeteredEncoder`. |
+| `feign.codec.Encoder.response_size` | DistributionSummary | Size, in bytes, of the encoded **request** body. The metric name predates the current behavior. |
+| `feign.codec.Decoder` | Timer | Time spent decoding the response body. Recorded by `MeteredDecoder`. |
+| `feign.codec.Decoder.exception` | Timer | Same as above, recorded when decoding throws. |
+| `feign.codec.Decoder.response_size` | DistributionSummary | Size, in bytes, of the response body read by the decoder. |
+
+### Tags
+
+Every metric carries the following tags, populated by `FeignMetricTagResolver`:
+
+| Tag | Source | Example |
+| --- | ------ | ------- |
+| `client` | Target interface FQN | `com.example.GitHub` |
+| `method` | Java method name | `contributors` |
+| `host` | Host extracted from the target URL | `api.github.com` |
+| `exception_name` | Exception simple name (only present on error) | `FeignException` |
+| `root_cause_name` | Root cause exception simple name (only present on error) | `SocketTimeoutException` |
+
+Additional tags are added by specific metrics:
+
+* `feign.Client.http_response_code` / `feign.AsyncClient.http_response_code` —
+  adds `http_status` (e.g. `404`), `status_group` (e.g. `4xx`), `http_method`
+  (e.g. `GET`) and `uri` (the templated path, e.g. `/repos/{owner}/{repo}/contributors`).
+* `feign.Feign.http_error` — adds `http_status` and `error_group` (e.g. `5xx`).
+* `feign.codec.Decoder.*` — adds `uri`.
+
+You can attach extra common tags either through `MeterRegistry.config().commonTags(...)`
+or via the `MicrometerCapability(MeterRegistry, List<Tag>)` /
+`MicrometerCapability(MeterRegistry, Map<String, String>)` constructors.
+
+## Observation published by `MicrometerObservationCapability`
+
+A single observation is produced per HTTP call:
+
+| Name | Contextual name | Description |
+| ---- | --------------- | ----------- |
+| `http.client.requests` | `HTTP {method}` (e.g. `HTTP GET`) | One observation per HTTP request issued by the Feign client. The observation is stopped after the response is received or an exception is signalled. |
+
+The default convention (`DefaultFeignObservationConvention`) attaches the
+following low-cardinality key values:
+
+| Key | Value |
+| --- | ----- |
+| `http.method` | The HTTP method (`GET`, `POST`, ...). `UNKNOWN` if the request is null. |
+| `http.url` | The templated URL of the method. |
+| `http.status_code` | The response status code, or `CLIENT_ERROR` if no response was received. |
+| `clientName` | The target interface FQN. |
+
+The following key names are also declared on `FeignObservationDocumentation` and
+are available for custom conventions to populate: `http.scheme`, `net.peer.host`,
+`net.peer.port`.
+
+Whatever observation handlers are registered on the `ObservationRegistry`
+(for example `DefaultMeterObservationHandler` for metrics, a tracing handler
+for spans) decide what is ultimately emitted.