ADXm Metatrader 5 Forex Indicator
The ADXm Metatrader 5 Forex indicator was originally developed for the Metatrader 4 platform and has the same ability as the original version.
The ADX indicator gets plotted in absolute units and spotting of trends can be tedious in most cases, the ADXm Metatrader 5 forex indicator displays positive and negative ADX half-waves (shown as colored on the activity chart).
The DI+/- alerts are shown as their difference.
Deploying this indicator follows the same rule as the traditional one.
The dashed levels that are present on the ADXm MT5 indicator are such that the dashed levels above suggest that the market is in a trend state.
This level usually has its values set at 20-25%, where such values depends on time frame deployed upon.
The EUR/USD H4 chart below displays the ADXm Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the filled line of the ADXm MT5 forex indicator breaks above the zero level, while price is said to be overbought when the line of the ADXm MT5 indicator enters the region above the 25.00 level.
Sell Signal: Go short when the filled line of the ADXm Metatrader 5 Forex indicator breaks below the zero level, while price is said to be oversold when the line of the ADXm MT5 Forex indicator enters the region below the -25.00 level
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the ADXm MT5 fx indicator breaks below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the ADXm Metatrader 5 Forex indicator surges above the zero level.
Tips: The ADXm Metatrader 5 forex indicator is used to define market trends and reversals points in the market. Counter trend traders will find this tool very useful.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (ADXm period, Price to use for close, Price to use for high, Price to use for low, Levels), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | reversals
Copy and paste the ADXm.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)