OPEN-SOURCE SCRIPT
Updated DMI with Oversold/Overbought marking
Modification of original DMI indicator, simply marking background in case of finding Overbought or Oversold levels - this happens when ADX is above both DI+ and DI- values.
Release Notes
- color background is more detailed and now divide signals between Oversold and Overbought
Release Notes
Additional Information:- Background of DMI indicator is being colored when it Oversold or Overbought conditions are met - it happens when ADX is above both DI+ and DI- lines
- script together with Stoch and OBV is working very well as additional confluence when taking trades; Stoch is additional oversold/overbought indicator that can be checked together with DMI + OBV is showing also potential reversals via Divergences
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 publications is governed by House rules. You can favorite it to use it on a chart.
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