The Dsl DMI Oscillator MT4 indicator is based on Wilder’s directional movement index but with a twist.
The Dsl DMI indicator fluctuates above and below the zero (0.00) line in a sub window below the main activity chart.
The indicator draws green, red and grey lines.
Green lines: the trend is rising
Red lines: the trend is falling
Grey lines: the trend is flat or range-bound
This indicator is suitable for scalping, day trading, swing trading and position trading.
It’s an easy to trade indicator, even for absolute beginners.
The EUR/USD H1 chart below shows the Dsl DMI Oscillator forex indicator in action.
Basic Trading Signals
Trading signals from this indicator are very easy to understand and goes as follows:
Buy Signal: The Dsl DMI indicator must be trading above the zero line and draws the start of a green line.
Sell Signal: The Dsl DMI indicator must be trading below the zero line and draws the start of a red line.
Exit buy trade: Close buy trades when the indicator falls below the zero line or start drawing a red line (bearish reversal signal).
Exit sell trade: Close sell trades when the Dsl DMI indicator rises above the zero line or start drawing a green line (bullish reversal signal).
Tip: You can always use your own preferred method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (DMI period, DMI smoothing period, Smoothing method, Signal period, Change color on) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Signals indicator
Copy and paste the dsl_-_DMI_oscillator.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)