The CADX Metatrader 5 forex indicator, also known as the Comparative ADX is an oscillator that shows the relative trend strength.
It is based on the smoothed values of the five major currency pairs i.e. EUR/USD, GBP/USD, AUD/USD, USD/JPY and USD/CAD, along with the instrument on which the indicator is running.
Based on its historical reversing to the EUR/USD, the USD/CHF is excluded from the list of the indicator symbols being calculated.
The CADX Metatrader 5 forex indicator deploys two input parameters within its setting:
Period – defines the ADX calculation period;
Level value – defines the threshold value.
The EUR/GBP M30 chart below displays the Comparative ADX Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dodger blue line of the CADX Metarader 5 forex indicator breaks and hovers above the 1.00 threshold level.
Sell Signal: Go short when the dodger blue line of the CADX Metatrader 5 forex indicator breaks and hovers below the 1.00 threshold level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the dodger blue line of the CADX MT5 forex indicator falls below the 1.00 threshold level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dodger blue line of the CADX MT5 forex indicator surges above the 1.00 threshold level.
Tips: Upon first-time launch or when switching time frames on the Comparative ADX indicator, patience is needed as the indicator requires time to download the available history for all symbols that are active within the current chart time frame.
The indicator can support diverse types of traders if adequately mastered.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Level value), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the CADX.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)