DMI stochastic extreme – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • A variation of DMI stochastic extreme.

    The original usage (by Barbara Star) is as she describes :

    The
    DMI stochastic uses the basic formulation for a 10, 3, 3 stochastic
    oscillator found in most charting packages but replaces the closing
    price of the price bar with the value of the 10-period DMI oscillator.
    The overbought and oversold levels are different also. They occur at the
    10 and 90 levels instead of the more usual 20 and 80 levels. The DMI
    stochastic is much faster and less smooth than a stochastic based on
    price. However, it reaches extremes quickly, which allows for timely
    entries and exits.

    Defaults used are not the defaults used by Barbara Star, but you can set the parameters (including the levels) to the desire values.

    This version of indicator deviates in the way how DMI can be calculated. The original DMI uses what is sometimes referred to as “Wilders EMA” – which is exactly the same as what metatrader users are used to as SMMA. So, if you use SMMA for DMI calculation, you are going to get the original DMI, but the indicator allows you to experiment and to change that completely, that way getting new versions of DMI. Coupled with multi time framing, choice of color changes and alerts that are alerting according to the choice of color changes, it can be used for quick reversals seeking or for long trend identifying. As usual, it mostly depends on the settings, but it seems to be useful tool for trading arsenal.

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  • How to install MT5 indicator?
  • 1. On the desktop, double-click to open the MT45 trading platform software you installed.
  • 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window
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