This indicator highlights the bullish momentum and bearish area in the DMI ADX indicator based on the below-mentioned conditions -
Bullish Momentum (Green Highlighted Area): DMI+ > ADX > DMI-
Bearish Momentum (Red Highlighted Area): DMI- > ADX > DMI+
This indicator uses the strength of the trend from ADX to decide how the SuperTrend (ST) should behave.
Motivation
ST is a great trend following indicator but it's not capable of adapting to the trend strength.
The ADX, Average Directional Index measures the strength of the trend and can be use to dynamically tweak the ST factor so that it's sensitivity can...