OPEN-SOURCE SCRIPT
Directional Movement Oscillator by KIVANÇ fr3762
Directional Movement Oscillator is simply the difference of Di+ and Di- which helps traders to see the crosses of BUY/SELL signals more effectively.
Di+ crosses above Di- when indicator crosses above 0 which can be considered as a BUY signal.
and conversely Di+ crosses below Di- when indicator crosses below 0 which can be considered as a SELL signal.
Additionally I put a second (OPTIONAL) line (Signal line) which is a 8 bar SMA ( Simple Moving Average ) of DMOSC to confirm signals for further assistance.
Users can add the second optional line (Signal Line) by checking the box : Show SMA line? on the INPUTS section of the indicator SETTINGS menu.
Di+ crosses above Di- when indicator crosses above 0 which can be considered as a BUY signal.
and conversely Di+ crosses below Di- when indicator crosses below 0 which can be considered as a SELL signal.
Additionally I put a second (OPTIONAL) line (Signal line) which is a 8 bar SMA ( Simple Moving Average ) of DMOSC to confirm signals for further assistance.
Users can add the second optional line (Signal Line) by checking the box : Show SMA line? on the INPUTS section of the indicator SETTINGS menu.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Telegram t.me/AlgoRhytm
YouTube (Turkish): youtube.com/c/kivancozbilgic
YouTube (English): youtube.com/c/AlgoWorld
YouTube (Turkish): youtube.com/c/kivancozbilgic
YouTube (English): youtube.com/c/AlgoWorld
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