DMI Stochastic Extreme - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Variation of DMI stochastic extrema.
The original usage (Barbara Starr) was as she described it:
The default values used are not those used by Barbara Star, but you can set the parameters (including levels) to the desired values.
This version of the metric is calculated differently from the DMI. The original DMI used what is sometimes called the "Wilders EMA" - which is exactly the same SMMA that Metatrader users are used to. So, if you use SMMA for DMI calculation, you will get the original DMI, but the indicator allows you to experiment and change it completely, thus getting a new version of DMI. Combined with multiple time frames, color change selection, and alerts that sound alerts based on color change selection, it can be used for quick reversal hunting or long-term trend identification. As always, it mostly depends on the setup, but it seems to be a useful tool in the trading arsenal.
Attachment download
📎 dmi_stochastic_extreme_1.1.mq5 (30.84 KB)
Source: MQL5 #16977
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