I need help modifying the ADX in MT5. Currently, the only parameter allowed to be entered by the user is the number of periods for the ADX. I need the ability to input a different time periods for the DMI.
Basically this would mean having the ability to set an 8 period moving average (ADX) of the 13 period differences in the DMI.
+DM: Divide the 13-day smoothed Plus Directional Movement (+DM) by the 13-day smoothed True Range to find the 13-day Plus Directional Indicator (+DI13). Multiply by 100 to move the decimal point two places. This +DI13 is the Plus Directional Indicator (green line) that is plotted along with ADX.
-DM: Divide the 13-day smoothed Minus Directional Movement (-DM) by the 13-day smoothed True Range to find the 13-day Minus Directional Indicator (-DI13). Multiply by 100 to move the decimal point two places. This -DI13 is the Minus Directional Indicator (red line) that is plotted along with ADX.
DMI: The Directional Movement Index equals the absolute value of +DI13 less - DI13 divided by the sum of +DI13 and – DI13.
ADX: is simply a 8-day average of DX. Subsequent ADX values are smoothed by multiplying the previous 8-day ADX value by 7, adding the most recent DX value and dividing this total by 8.
I have had much success using the techniques from Charles Schaap: ADXcellence, which is why I’m asking for this indicator. See links for more info.
I was able to program the indicator on Thinkorswim, but I have switched to a broker that can use MT5, and would like to have this indicator on MT5.
Thanks in advance.