The Advanced ADX Trend indicator for Metatrader 5 gauges the strength and direction of the trend in any Forex pair and delivers buy/sell trading signals.
It’s a popular technical indicator invented by J. Welles Wilder.
The advanced ADX indicator version turns the classic ADX (composed of three lines) into simple to use buy and sell histogram bars.
The trade logic works as follows:
- A green colored ADX histogram bar is bullish.
- A red colored ADX histogram bar is bearish.
The indicator allows customizing the following settings and parameters: ADX period.
The Advanced ADX Trend indicator can be used as a standalone tool for buying and selling currency pairs.
It can also be used in conjunction with other trading indicators and price action trading strategies to confirm trading decisions.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Its overall performance will vary depending on market conditions, remember to have realistic expectations.
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The following chart shows how the Advanced ADX Trend indicator looks like when applied to the MT5 chart.
How to Use the Advanced ADX Trend Indicator for Buying and Selling Currency Pairs?
Find a simple trading strategy below:
- The first green ADX histogram bar creates a buy signal.
- Initiate a buy transaction and place a stop loss below the previous swing low.
- Exit the buy trade for a predetermined profit target of your preference.
- Optional: ride the uptrend and wait for the first red colored ADX bar (sell signal).
- The first red ADX histogram bar creates a sell signal.
- Initiate a sell transaction and place a stop loss above the previous swing high.
- Exit the sell trade for a predetermined profit target of your preference.
- Optional: ride the downtrend and wait for the first green colored ADX bar (buy signal).
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the advanced_adx.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration