OPEN-SOURCE SCRIPT
ADX with Trend Coloring
The ADX indicator helps identify the strength of a trend, while the DI+ and DI- values indicate the direction. In this script, the ADX's color reflects the dominant trend: green for long (DI+ is stronger and above its high limit) and red for short (DI- is stronger and above its high limit). DI+ and DI- are categorized into three levels based on user-defined thresholds. These levels indicate weak, moderate, or strong trend activity, providing insights into potential trade setups by aligning the ADX strength with the directional indicators.
The code has been updated to include two user-defined limits for both DI+ and DI-, allowing for three distinct ranges (e.g., 0-15, 15-30, 30-100) with corresponding colors.
The script now adjusts the ADX color dynamically to reflect the trend, based on whether DI+ or DI- is stronger. It uses green for long trends and red for short trends.
The code has been updated to include two user-defined limits for both DI+ and DI-, allowing for three distinct ranges (e.g., 0-15, 15-30, 30-100) with corresponding colors.
The script now adjusts the ADX color dynamically to reflect the trend, based on whether DI+ or DI- is stronger. It uses green for long trends and red for short trends.
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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