OPEN-SOURCE SCRIPT
ADeXt
It is an extended ADX and Direction Movement Index indicator with the following changes:
It uses my ADExt library, so you can easily transfer your study to a strategy script.
- It shows a histogram instead of the DMI lines. If the histogram is green, the DMI+ is above DMI-, otherwise it is red.
- You can specify a multiplier for the histogram values to check if values are above threshold. This way you can use the same threshold line as ADX to detect directional strength.
- You can remove outliers from ATR calculations
- You can use different MAs and sources for DMI and ATR calculations to make ADX more adjustable to different markets
It uses my ADExt library, so you can easily transfer your study to a strategy script.
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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