Introduction to the Blau Directional Trend Index Indicator
The Blau Directional Trend Index Indicator is based on the technique first introduced by William Blau in his book “Momentum, Direction and Divergence” (1995). The author focuses on three key aspects of trading: momentum, direction and divergence. The Directional Trend Index is an indicator that works in a similar manner to the DM+, which is a part of Directional Movement System). The starting point is zero line – when the values of the Blau Directional Trend Index are above it and rising, the trend is considered stable upward. Conversely, when the values are negative and dropping, the trend is considered stable downward.
The Blau Directional Trend Index 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.
How to set up the Blau Directional Trend Index indicator in MetaTrader (MT5)?
Download the Blau Directional Trend Index.rar archive at the bottom of this post, unpack it, then copy and paste the Blau Directional Trend Index.ex5 or Blau Directional Trend Index.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Blau Directional Trend Index 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 and MT5 indicators to download and try.
Download Free Forex MT5 Blau Directional Trend Index Indicator
To download the Blau Directional Trend Index Indicator for Metatrader 5 (MT5) for free just click the button below: