OPEN-SOURCE SCRIPT
TheLark: Directional Movement Index Stochastic
There is a nice writeup about a system that uses DMISTO here, which includes decent statistics:
traderedge.net/2013/01/24/combine-indicators-to-identify-high-probability-reversals/
I have not yet done any back testing on the system as a whole myself, but thought the DMISTO was an interesting indicator, so ported it over for those who might want to play with it and create their own systems. I added dots that denote signals similar to the system described above, which can be turned off if desired.
traderedge.net/2013/01/24/combine-indicators-to-identify-high-probability-reversals/
I have not yet done any back testing on the system as a whole myself, but thought the DMISTO was an interesting indicator, so ported it over for those who might want to play with it and create their own systems. I added dots that denote signals similar to the system described above, which can be turned off if desired.
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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