ZenBot Signals - Trend Strength — Indicator by glst0rm

averagedirectionalindex vwap standarddeviation

I developed this indicator as a "regime detection" for my algo trading bot. It uses the ADX +/- values with a few twists.

- If ADX DI+ is over 30 and DI- is below 20 and falling (inverse for shorts)
- Price action rising/falling thru various VWAP standard deviations indicates a strong trend break
- Some other custom juju (open source so have fun).

I use this primarily to monitor the SPY index as a backdrop for my long and short trades. If the colored line below price bars is red or green, a strong trend is present and there is a decent trade environment.

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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