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Indicators

Advanced ADX - indicator for MetaTrader 5

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votes: 5
Published:
2018.06.13 11:02

The Average Directional Index (ADX) is a trend indicator used to measure the strength and momentum of an existing trend. This indicator's main focus is not on the direction of the trend but with the momentum.

The ADX is a combination of two price movement measures, the positive directional indicator (+DI) and the negative directional indicator (-DI). The +DI measures the strength of the upward trend while the –DI measures the strength of the downward trend. These two measures are also plotted along with the ADX line.

Sometimes it is hard to follow the relative positions of +DI and -DI values to determine which trend is currently the prevailing. This version instead uses different display in order to make that as easy as it can be. The ADX values are easily comparable to the significant level, the the color of the ADX value and histogram clearly shows the trend. That way it is easier to follow the ADX trend(s) and values.

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Trend Envelopes indicator is using only % deviation for calculation and that is the only parameter needed for calculation. It is internally using Close, High and Low price and in this version that can not be changed. Also, due to the nature of the indicator, it can be easily be used as a sort of support/resistance indicator.

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Trend Envelopes variation of RSI indicator.