Hello. I have noticed that the ADX reading according to the buit in indicator in MetaTrader4 is not correct and it does not match readings from FXAccucharts, Aspen Graphics or eSignal (checked in parallel). Something is wrong with the calculation. Does anyone have a "normal" ADX indicator for MT4 or does anyone know what the problem is. Test was done on the EURUSD 15 min chart with and ADX (14). Thank you.
no seriously now... was i not making myself clear? i was comparing the 14 period ADX on multiple charting application on the same currency pair and the same timeframe to find that MetaTrader's ADX is different.....
Yes, the problem is that MT4 code for ADX for some reason plugs in EMA, instead of Welles Wilder's original formula on p. 44 of his book. This should help.