OPEN-SOURCE SCRIPT
ADX-DI MTF trend buffer - JD
Updated
The indicator gives a multiplication of ADX and the DI+ and DI-values, color coded for bullish or bearish momentum
the indicator was optimised for use with HA-candles, but works with regular candles as well
and shows general market direction en divergence in a simpler visual way than the normal ADX-DI lines
a threshold mask can be shown or omitted as preferred
version 3. the indicator is now plotted relative to the 200 ema and can be seen as a "buffer" against price reversal
The timeframe of the indicator can be the current one or custom selected but gives better visual information if a longer timeframe than the current one is used.
The colors can be changed to fit with "Dark mode" or "Light mode"
a scaling option is available to downscale the trend indication relative to the price bars
JD
the indicator was optimised for use with HA-candles, but works with regular candles as well
and shows general market direction en divergence in a simpler visual way than the normal ADX-DI lines
a threshold mask can be shown or omitted as preferred
version 3. the indicator is now plotted relative to the 200 ema and can be seen as a "buffer" against price reversal
The timeframe of the indicator can be the current one or custom selected but gives better visual information if a longer timeframe than the current one is used.
The colors can be changed to fit with "Dark mode" or "Light mode"
a scaling option is available to downscale the trend indication relative to the price bars
JD
Release Notes
Code cleanup.Release Notes
Small code adjustments.Open-source script
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