Wilders DMI Metatrader 5 Forex Indicator
The plus directional movement indicator (+DI) and the minus directional movement indicator (-DI) are found within the suite of indicators that make up Wilder’s DMI (Directional Movement Index).
This is the basis of the widely used average directional index (ADX).
The ADX (represented by the lime green line) does not offer information on the direction of price movement but about its strength.
It is the +DI and –DI that are suited for spotting the direction of price movement over a specified period of time.
The Wilders DMI Metatrader 5 forex indicator includes an average type in its DMI calculation.
The different types of averages that are included in the DMI calculation includes: Simple Moving Average, Exponential Moving Average, Smoothed MA and Linear Weighted MA.
The EUR/JPY Daily chart below displays the Wilders DMI Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the pale green cloud of the Wilders DMI Metatrader 5 forex indicator pops up within the indicator window.
Sell Signal: Go short when the misty rose cloud of the Wilders DMI Metatrader 5 forex indicator pops up within the indicator window.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Wilders DMI indicator forms a misty rose cloud within the indicator window.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Wilders DMI indicator forms a pale green cloud within the indicator window.
Tips: The Wilders DMI – averages MT5 forex indicator can be used as a standalone technical tool in the hands of experienced traders. Works for all kind of trading styles.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (ADX (DMI) period, ADX level, ADX visible, ADXR visible, Average type), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | trend
Copy and paste the Wilders DMI – averages.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)