The ADX Cloud indicator for Metatrader 5 follows the trend and delivers profitable buy and sell cloud based trading signals to Forex traders.
ADX is the abbreviation of average directional index.
The indicator performs optimally during trending market conditions but is less effective when the market is experiencing sideways movement.
To identify the market trend using this technical tool, follow the guidelines below:
- A green colored ADX cloud shows a bullish market trend.
- A red colored ADX cloud shows a bearish market trend.
You have the flexibility to modify the following indicator inputs and parameters: period, alpha 1, alpha 2.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) supported by the Metatrader 5 charting platform.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on a live trading account.
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The following chart shows how the ADX Cloud indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The ADX Cloud Indicator?
Find a simple trading example below:
- A buy signal is generated when the colored green ADX cloud appears on the chart.
- Open a buy market order and place a protective stop order below support.
- Exit the buy trade for a risk to reward ratio of at least 1.5.
- Optional: hold the buy trade until a sell signal gets displayed on the chart.
- A sell signal is generated when the colored red ADX cloud appears on the chart (see chart example above).
- Open a sell market order and place a protective stop order above resistance.
- Exit the sell trade for a risk to reward ratio of at least 1.5.
- Optional: hold the sell trade until a buy signal gets displayed on the chart.
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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 adxcloud.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
- To access the indicator list, simply open the dropdown menu and select it
- Click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration