Idea: Enhance the Stoch RSI with DMI to get the visualization of the strength movement.
Concept: (Note that we take the close to get the closing price). -Combination of 2 Stoch RSI (using value K): 1 is UP, 1 is DOWN (these settings have been customized). -Every time they cross, it calculates the direction of 3 nearly previous crossings to get the color of the current line. -The value has been re-calculated with the processed value from ADX and DI- (That's why it can be more than 100 or -100 in some cases). -RSI Overbuy and oversell are removed because the value could be beyond it.
How it works: 1. The line is show as the strength index of bars - Green means the up strength is strong. - Red means the down strength is strong. - Gray means the previous strength is getting week. 2. This one can be used to find divergence. 3. This indicator provides a warning signal when the color of the line changes: - Change color: +Turn red: "Down Red" +Turn green: "Up Green" +Turn gray: "Down Gray"/"Up Gray"
Suitable time frames: 15m, 4h, 1D, 1W
* Please note that this logic does not attempt to predict future prices or 100% accurate signal. (INVITE ONLY indicator. Please direct message or visit website if you want to try it out) Hope you guys enjoy!