Is the Directional Movement Indicator (+DI/-DI and something called ‘ADX’) applicable to forex? Is it thought to be useful and helpful in forex trading?
I’m thinking of situations in which one is trying to identify a trend as clearly as possible when a market has been ranging but might be becoming “trendy”. Is the DMI helpful at such times? To what sort of indicator(s) is it an alternative?
Would be grateful for any thoughts/opinions, please!