Advanced ADX Forex Signals Indicator For Metatrader 4
The Advanced Average Direction Index (ADX) indicator for MT4 is a great buy and sell histogram version of the traditional ADX technical indicator.
This version makes it way more easy to buy and sell currency pairs with ADX.
Basically, the indicator draws buy and sell bars based on the position of DMI+ and DMI-.
- A green Advanced ADX bar appears on the chart when DMI+ has crossed DMI- upwards. The trend is now bullish.
- A red Advanced ADX bar appears on the chart when DMI- has crossed DMI+ upwards. The trend is now bullish.
ADX is a trend-following indicator and can be used for any trade style of your preference.
The default ADX period is set to 13, you can change this value by editing the ADX period input parameter.
I prefer to set the ADX period to 40 and above for less whipsaw signals.
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Advanced Average Direction Index Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Advanced ADX Forex Signals Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Initiate a new buy order when the Advanced ADX indicator draws its first green histogram bar. The trend is now up.
Place a stop loss 3 pips below previous swing low support, or use your own stop loss strategy.
Exit the buy trade when the first red ADX bar sell appears on the chart or exit at a fixed profit target of your preference.
Sell Trigger: Initiate a new sell order when the Advanced ADX indicator draws its first red histogram bar. The trend is now down.
Place a stop loss 3 pips above previous swing high resistance, or use your own favorite stop loss method.
Exit the sell trade when the first green ADX bar buy appears on the chart or exit at a fixed profit target of your preference.
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ADX period, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: ADX
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.