Alpha ADX DI+/DI- V5 by MUNIF SHAIKH

Oct 26, 2022

MODIFIED ADX DI+/DI- V5
Usage: To use this indicator for entry: when DMI+ crosses over DMI-, there is a bullish sentiment, however ADX also needs to be above 25 to be significant, otherwise the move is not necessarily sustainable.

Inversely, when DMI+ crosses under DMI- and ADX is above 25, then the sentiment is significantly bearish , but if ADX is below 20, the signal should be disregarded.

The line control represents, if the ADX is greater than the line of 25, the price trend is considered strong

Sep 23, 2023

Release Notes

new table added

Sep 23, 2023

Release Notes

Alerts added.

Jul 22

Release Notes

A small update of Thrust Concept:

ADX Thrust refers to a significant increase in the ADX value over a defined period. This increase is typically measured as a percentage of the difference between the current ADX value and the lowest ADX value over the period.
Setting Up ADX Thrust
Define the Thrust Period:

Choose the period over which you will measure the thrust. A common choice might be 5 to 10 bars, but this depends on your trading style and time frame.
Define the Thrust Percentage:

Set a threshold percentage to identify significant thrusts. For instance, if you set this to 20%, the ADX needs to increase by 20% from its lowest point in the period to be considered a thrust.
Implementation in Pine Script:

Calculate the ADX Thrust and use it to signal strong trends or potential entry/exit points. Here's how you can incorporate it into your trading strategy:
Example of Using ADX Thrust in Trading
1. Identify Thrust Conditions:
Bullish Thrust: When ADX increases significantly and +DI is above -DI.
Bearish Thrust: When ADX increases significantly and -DI is above +DI.
2. Trading Signals:
Buy Signal: Consider a buy when a bullish thrust occurs, indicating a strong uptrend.
Sell Signal: Consider a sell when a bearish thrust occurs, indicating a strong downtrend.

Aug 2

Release Notes

updated version as per some requisites