Introduction to the DMI Alert Indicator
The DMI Alert Indicator is based on a Directional Movement Index, but it additionally displays buy/sell alerts. It consists of two lines: a red one and a green one. The red line above the green line indicates a bearish trend-momentum. Similarly, the green line above the red line suggests a bullish trend-momentum.
The DMI Alert 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 Alert indicator in MetaTrader (MT4)?
Download the DMI Alert.rar archive at the bottom of this post, unpack it, then copy and paste the DMI Alert.ex4 or DMI Alert.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 DMI Alert 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 DMI Alert Indicator
To download the DMI Alert Indicator for Metatrader 4 (MT4) for free just click the button below: