Volume Weighted Wilder's DMI
Info
The Volume Weighted Wilder's DMI is a Indicator for MetaTrader 5 that this indicator is a volume-weighted version of wilder's dmi (directional movement index), also known as the real adx. It offers flexibility by accommodating three types of volumes:- No volume: In this mode, the indicator functions identically to the original Wilder's DMI.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Volume Weighted Wilder's DMI
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This indicator is a volume-weighted version of Wilder's DMI (Directional Movement Index), also known as the real ADX.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Compression Breakout Channels with Buy and Sell Volume Analysis - another powerful indicator for MetaTrader 5 traders.
This indicator is a volume-weighted version of Wilder's DMI (Directional Movement Index), also known as the real ADX.Also recommended: Simple Anchored VWAP - Institutional Volume Benchmark - similar indicator with strong performance on MetaTrader 5.
It offers flexibility by accommodating three types of volumes:
- No volume: In this mode, the indicator functions identically to the original Wilder's DMI.
- Tick volumes: Suitable for forex symbols.
- Real volumes: Applicable to symbols that support it. You can verify this by selecting the real volume option; if no data appears in the indicator area, the symbol only has tick volumes.
You may also like: Impulse Candle Indicator: Identify Momentum Bars with ATR and Volume - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_separate_window
#property indicator_buffers 5
#property indicator_plots 4
#property indicator_label1 "adx trend"
#property indicator_type1 draw_filling
#property indicator_color1 c'200,255,180',clrmistyrose
#property indicator_label2 "adx"
#property indicator_type2 draw_line.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.