Measure Volume, Momentum, Trend, Volatility

This script displays the following indicators in one pane to quickly determine several important factors regarding price action. It allows the user to quickly see all of most important factors surrounding price action in one pane with one quick glance. This should be incredibly helpful and allow things like double divergence and trend confirmation to be spotted much more quickly. I personally use the data in this indicator to replace four separate indicators and it has brought my win rate and profit factor significantly higher. I hadn't seen any place where all of the best J. Welles Wilder indicators such as RSI, Parabolic SAR, and DMI/ADX were brought into one easy to use interface. This is my attempt at fixing that gap. For a much deeper understanding of how to use these indicators, I recommend reading New Concepts in Technical Trading Systems written by J. Welles Wilder.

• Momentum via RSI (Relative Strength Index)
  
• Volume via MFI (Money Flow Index)
  
• Volatility via DMI/ADX (Direction Movement Index/Average Directional Index)
  
• Trend via Parabolic SAR (Parabolic Stop and Reverse)
  

It is worth noting that DMI/ADX and Parabolic SAR can both help determine trend strength and volatility.

The Volatility mechanism is measured by DMI and ADX and displayed at the top of the pane using circles. The top, tiny circles reflect if show if positive DI or negative DI has a higher value. The small circles directly underneath indicate whether or not the ADX is above 20 (configurable, some may choose to increase this to 25 or even 30).

The Momentum mechanism is shown as standard RSI with the default being a white line and default period of 14, which is all configurable.

The Volume mechanism is shown as standard MFI with the default being a fuchsia line and default period of 14, which is also configurable.

The momentum and volume oscillators should be used in conjunction to help spot whether the trend is strong or weak using divergences and the middle, overbought, and oversold levels. These levels are also configurable.

The Trend mechanism is measured by Parabolic SAR and displayed at the bottom of the pane using diamonds. The default is red diamonds when in a bear trend, green when in an uptrend which is configurable. When price is above the Parabolic SAR, it is considered to be an uptrend. When price is below the Parabolic SAR, it is considered to be a downtrend. The way price is measured is also configurable (i.e. open, close, ohlc4, hlc3, etc.). When price crossed above or below the Parabolic SAR, the diamonds will change colors.

All the indicators displayed should be used in a well rounded strategy. For instance, I only trade when ADX is above 20 and rarely trade against the trend shown via PSAR. When trend shifts and divergences helped indicate a trend shift would occur using the RSI and MFI, it can be a great spot to take an entry. RSI/MFI can also confirm the trend is strong when they are not showing divergences and inline with price action. All of this data should be used in conjunction with good fundamental data and technical levels. Divergences with RSI and MFI on double tops or bottoms can also be incredibly powerful. There is no right or wrong way to use all the data displayed in this indicator, however using all four pillars of trading (Momentum, Volume, Trend, Volatility) will help ensure only the best trades are taken.