ADXm - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

Originally this indicator was developed for MetaTrader 4 by ANG3110 (originally published here: https://www.mql5.com/en/code/7566 )

Here I would like to quote the original description:

Unlike the traditional ADX indicator, which is plotted in absolute units and detection of trend direction is hampered, this indicator clearly displays positive and negative ADX half-waves (shown in color on the chart). DI+/- signals are shown as their difference (grey).

This indicator can be used in the same way as a traditional indicator.

Additionally, it shows the market level (dashed line) above which it is considered to be trending. This level is usually set to around 20-25% - somewhat depending on the time frame used.

Furthermore, except for the MetaTrader 5 version, this version differs from the original version in that it allows you to choose any price (choose from 22 types) for calculation — the original version uses fixed high, low and close prices hardcoded in the indicator, as it seems to be a useful addition to this good indicator.

As mentioned above, levels should be used to determine trends (alternatively, for counter-trend traders, retracements into the "No Trend Zone" can be viewed as possible reversal signals/points

Attachment download

📎 adxm.mq5 (19.49 KB)

Source: MQL5 #17050