OPEN-SOURCE SCRIPT
ADX Strategy (original)
Updated
ADX Strategy
Description:
Generates a long entry signal when the Average Directional Index (ADX) value is greater than the trendlevel and the close is greater than the filter value, and/or generates a short entry signal when the ADX value is greater than the trendlevel and the close is less than the filter value.
The Average Directional Index evaluates the strength of a current trend. The ADX is an oscillator that fluctuates between 0 and 100. Values below 20 indicate a weak trend, values above 40 indicate a strong trend. The direction of the trend is not measured by this indicator.
As usual, the script features signal filtering/generation and a rough estimate of its performance.
Description:
Generates a long entry signal when the Average Directional Index (ADX) value is greater than the trendlevel and the close is greater than the filter value, and/or generates a short entry signal when the ADX value is greater than the trendlevel and the close is less than the filter value.
The Average Directional Index evaluates the strength of a current trend. The ADX is an oscillator that fluctuates between 0 and 100. Values below 20 indicate a weak trend, values above 40 indicate a strong trend. The direction of the trend is not measured by this indicator.
As usual, the script features signal filtering/generation and a rough estimate of its performance.
Release Notes
Added exit methods.Release Notes
Minor fix to the logic.Release Notes
Minor fix.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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