According to one of my old polls, a lot of Forex investors trade dollar-based pairs. I doubt that much has changed there since 2009. Doubtless also, all these traders could really benefit from the dollar index display directly on their trading charts rather than looking for them on some lagging websites.

Unfortunately, MetaTrader platform does not offer any tool to show the dollar index (USDX or DXY). The existing user-created USDX implementations for MT4 and MT5 are pretty generic and lack features and flexibility. That is why I decided to create my own MetaTrader USDX indicator. It is available for both versions of the platform and boasts some interesting attributes:

• Direct on-chart display with full conformity between index bars and currency pair bars.
• Two customizable moving averages for index analysis.
• Build any currency index just by modifying the input parameters.
• Control number of bars for calculation via input parameter.
• MT5 version offers colored candlestick display of the index.

Sadly, MT5 version has its small drawbacks:

• You might need to reload the indicator after initial attachment.
• Requires additional indicator (chart event generator). It is bundled in the download.

You can download the MT5 or MT4 version, or read more info about this dollar index indicator.

If you find any bugs in this MetaTrader indicator or if you have some feature suggestions, please post them using the commentary form below.