Introduction to the Advanced ADX Forex Indicator
The Advanced ADX Forex Indicator draws colored signal histogram bars that measure the strength of the trend. The ADX abbreviation stands for the Average Directional Index. Green ADX histogram bars suggest the trend is considered bullish, while red ADX bars suggest the trend is considered bearish. It’s better to use that forex indicator as a filter, than a standalone trading tool.
The Advanced ADX Forex Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Example trade with the Advanced ADX Indicator
Below is the screenshot of an example trade with the Advanced ADX Indicator.
Generally speaking, one should initiate a new buy trade when the Advanced ADX forex indicator signal changes from red to green. Conversely, one should initiate a new sell trade when the Advanced ADX forex indicator signal changes from green to red. In the example above, we place a sell signal, because the signal changed from green to red. Then the price has fallen meaningfully.
How to set up the Advanced ADX Forex indicator in MetaTrader (MT4)?
Download the Advanced ADX.rar archive at the bottom of this post, unpack it, then copy and paste the Advanced ADX.ex4 or Advanced ADX.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Advanced ADX Forex indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 Advanced ADX Indicator
To download the Advanced ADX Forex Indicator for Metatrader 4 (MT4) for free just click the button below: