Monitoring panel showing the ADX (Average Directional Index) & DMI (Directional Movement Index) as color code for 6 different timeframes. This gives a very easy overview on the current state of the market and if it is trending.
- ADX basically describes the strength of a Trend - DMI give indication on the direction of the trend, usually shown as +DI and -DI
Meanings of the Colors: ADX is below Low Threshold (no trend) : Black ADX is above Low Threshold and DI is positive (weak bullish trend) : Light Green ADX is above High Threshold and DI is positive (strong bullish trend) : Dark Green ADX is above Low Threshold and DI is negative (weak bearish trend) : Light Red ADX is above High Threshold and DI is negative (strong bearish trend) : Dark Red
- Low Threshold (default = 20) and High Threshold (default = 50) can be changed in the settings - Timeframes can be changed, but the description labels are currently hardcoded - if you want to change it, just copy the script and change them - Currently there are two additional timeframes commented in the code - if you want to use them, just copy the script and uncomment them
Have fun and as always I am open for constructive feedback.
Hi, thank you for this, it is very nice. Is the histogram adx di indicator shown on your setup also available?
ichimoku14642
⋅
tks
didaskein
⋅
Thank you !!
fk1975
⋅
Cool share.... very useful... Thank you 👍
zschonn
⋅
@Wugamlo2 great job mate. Only one thing, I'm unable to change TF. Any advise please ? stay blessed & many thanks
Nebby10388
⋅
I love this indicator. I only wish i could set alerts for it 🙂
jammy1971
⋅
Much appreciate the share. Very useful! Thank you!
Nebby10388
⋅
@jammy1971, can you set alerts with this indicator, do you know? Thanks!
jammy1971
⋅
@Nebby10388, I plan to use it for a visual confirmation. But you can setup an Alert for particular time-fame (from the indicator Menu select ' Add alert on Panel ADX...'), not for multiple timeframe. However, that can be coded in.
Nebby10388
⋅
@jammy1971, sorry, how exactly can i setup an alert with this indicator? TF wave trend > crossing> value 6.0 or another TF wave trend? thanks a lot!!