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The MEarth Project is a photometric survey systematically searching thesmallest stars nearest to the Sun for transiting rocky planets. Since 2008,MEarth has taken approximately two million images of 1844 stars suspected to bemid-to-late M dwarfs. We have augmented this survey by taking nightly exposuresof photometric standard stars and have utilized this data to photometricallycalibrate the $MEarth$ system, identify photometric nights, and obtain anoptical magnitude with $1.5\%$ precision for each M dwarf system. Each opticalmagnitude is an average over many years of data, and therefore should belargely immune to stellar variability and flaring. We combine this withtrigonometric distance measurements, spectroscopic metallicity measurements,and 2MASS infrared magnitude measurements in order to derive acolor-magnitude-metallicity relation across the mid-to-late M dwarf spectralsequence that can reproduce spectroscopic metallicity determinations to aprecision of 0.1 dex. We release optical magnitudes and metallicity estimatesfor 1567 M dwarfs, many of which did not have an accurate determination ofeither prior to this work. For an additional 277 stars without a trigonometricparallax, we provide an estimate of the distance assuming solar neighborhoodmetallicity. We find that the median metallicity for a volume limited sample ofstars within 20 parsecs of the Sun is [Fe/H] = $-0.03 \pm 0.008$, and that 29 /565 of these stars have a metallicity of [Fe/H] = $-0.5$ or lower, similar tothe low-metallicity distribution of nearby G-dwarfs. When combined with theresults of ongoing and future planet surveys targeting these objects, themetallicity estimates presented here will be important in assessing thesignificance of any putative planet-metallicity correlation.

Calibration of the MEarth Photometric System: Optical Magnitudes and Photometric Metallicity Estimates for 1802 Nearby M-dwarfs