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DMI with Oversold/Overbought marking

skyline-trader Mod Updated   
Directional Movement Index (DMI) Breadth Indicators
97
2
directionalmovement breadthstudies
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
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