The Chande’s DMI indicator for Metatrader 5 is a super simple to use Forex scalper based on the DMI + DSL technical indicators.
The indicator pops up in a bottom chart window as an oscillator with green buy zones and red sell zones.
Typically, we aim for 10-20 pips profit per transaction.
How to interpret this scalping indicator?
- A green colored zone is bullish.
- A red colored zone is bearish.
The following indicator inputs and parameters can be modified: DMI period, DMI lower bound, DMI upper bound, price, period of smoothing, DSL period, color change mode.
The Chande’s DMI indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Chande’s DMI indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Chande’s DMI Forex Scalper Indicator?
Find a simple trading example below:
- A buy signal occurs when the green Chande’s DMI line gets plotted on the chart.
- Open a buy trade and place your stop loss 3 pips below immediate support.
- Close the buy trade for 10-20 pips profit, or utilize your own favorite exit method.
- A sell signal occurs when the red Chande’s DMI line gets plotted on the chart.
- Open a sell trade and place your stop loss 3 pips above immediate resistance.
- Close the sell trade for 10-20 pips profit, or utilize your own favorite exit method.
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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 Chandes dmi (dsl)(vra).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