DMI ADX Histogram Oscillator Indicator

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Introduction to the DMI ADX Histogram Oscillator Indicator

The DMI ADX Histogram Oscillator Indicator is, as the name suggests, a combination of the Average Directional Index (ADX) and the Directional Movement Index (DMI). As you probably know, the ADX measures the trend strength of an asset, and DMI defines its market direction. In the result, the indicator provides complex information about the trend. To decide on a trade, you need to look at its histogram bars. When these bars are green, it means the trend is considered bullish. Similarly, red bars are an indication of a bearish trend.

The DMI ADX Histogram Oscillator 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 DMI ADX Histogram Oscillator indicator in MT4?

Installation Guide

Download the DMI ADX Histogram Oscillator.rar archive at the bottom of this post, unpack it, then copy and paste the DMI ADX Histogram Oscillator.ex4 or DMI ADX Histogram Oscillator.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.

Bottom Line

The DMI ADX Histogram Oscillator 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.