OPEN-SOURCE SCRIPT

Directional Movement Oscillator

Updated
The Directional Movement Oscillator (DMO) is an adaption to the Directional Movement Index (DMI).
The difference is that DMO is one line, whereas DMI has 3 lines: +DI,-DI, and ADX.
The DMO line calculation: DMO = (+DI) - (-DI)
I excluded the ADX in DMO because its completely useless.
Try this indicator out, good luck ;)

-racer8
Release Notes
This DMO has a zero line
Release Notes
rma-based instead of sma based now.
Release Notes
Minor Changes
Release Notes
Changed name of "length" and updated pic
Release Notes
New update guys: updated the oscillator by adding a second line, the ma line (Red).
How to interpret signals:
yellow above red = uptrend
yellow below red = downtrend
Release Notes
a
Release Notes
>>>
DMO now has 2 colors!
crossoverOscillators

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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