A simple modification of the built-in "Average Directional Index": To identify wether there is an uptrend or a downtrend, the function color is conditional: no trend: black small uptrend (weak threshold): light green big uptrend (strong threshold): green small downtrend (weak threshold): light red big downtrend (strong threshold): red
Non-Directional (Volatility Based) Binary Options Highlighter j.tate 3/20/18 default set for 5-minute EUR/USD change inputs for other time frames, or to use JPY pairs dark blue = lowest volatility pale blue = low volatility, increasing, use caution dark red = highest volatility pale red = high volatility, decreasing, use caution
This technique was described by William Blau in his book "Momentum, Direction and Divergence" (1995). His book focuses on three key aspects of trading: momentum, direction and divergence. Blau, who was an electrical engineer before becoming a trader, thoroughly examines the relationship between price and momentum in step-by-step examples....
An open source version of the DMI. Mostly published for other scripters to modify. Typical useage: www.investopedia.com