[FT] ADX-Multi-TF by FractalTrader
Average Directional Index is a way to determine trend strength (and whether there is a trend). One of the caveats is when you have trendless conditions on a higher timeframe. You can get whipsaw conditions on the current timeframe in that case.
The purpose of this script is to put ADX into the context of a higher degree trend on a single indicator.
The purpose of this script is to put ADX into the context of a higher degree trend on a single indicator.
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See original post and comments for more details. Updated version has a new visual style. I'm playing with showing trend strength like a heatmap. The lines are now area style. Some may like the more traditional view better, we'll see. I've also tweaked some of the upper timeframe calculation.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt