sometimes you just want to plot an Indicator value from a higher Timeframe on your Chart. For most Indicators this is pretty straightforward however there is one Indicator that has been giving me quite a headache while trying to do this: The Average Directional Index. Anyway after going through almost 200 versions of this script I finally found a...
I'm publishing this indicator just for study purposes, because the result is exactly the same as DMI without the smoothing factor. It is exactly the same as ADX Wilder from MT5.
I was looking for the algorithm all over and it was a pain to find the right formula, meaning: one that would match with the built-in ones. After several study and comparison, I still...
This Adx +-Di is just a complete version of what the ADX is supposed to signal.
So you have:
15 (contraction), 20 (threshold), 30 (expansion), 40 (resistance) levels.
Below 20 the price is not trending
Above 30 the price is trending
Below 15 price has been in contraction for too long
Between 20 and 30 price is in a "transition zone".
I finally added a...
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