-> The timeframe for this indicator must be set at 1 minute;
-> If the chart timeframe is higher than 1 minute, the results shown in the table for timeframes lower than the chart will not be correct;
-> Tradingview's own documentation explains this as follows: "It is not recommended to request data of a timeframe lower that the current chart timeframe, for example 1 minute data from a 5 minutes chart. The main problem with such a case is that some part of a 1 minute data will be inevitably lost, as it’s impossible to display it on a 5 minutes chart and not to break the time axis. In such cases the behavior of security can be rather unexpected"; and
-> It is therefore recommended that this indicator is placed in a standalone 1min chart window, and the window resized to only show the table to avoid any issues.
-> J. Welles Wilder creating the System (DMS) (1978); and
-> John Carter applying the DMS to create the popular Simpler Trading 10X Bars indicator.
Quickly see the quality and strength of a trend based on Index (DMI).
The ( ), ( ) and ( ) represent a group of indicators that form a trading system developed by Welles Wilder. Although Wilder designed his System with and daily prices in mind, these indicators can also be applied to stocks. Wilder determined by comparing the difference between two consecutive lows with the difference between their respective highs.
and are derived from smoothed averages of these differences and measure trend direction over time. These two indicators are often collectively referred to as the DMI. is in turn derived from the smoothed averages of the difference between and ; it measures the strength of the trend (regardless of direction) over time.
-> Green indicates an uptrend i.e. when is above and is greater than 20 - there is more upward pressure than downward pressure in the price;
-> Red indicates a downtrend i.e. when is above and is greater than 20 - there is more downward pressure on the price; and
-> Yellow indicates no strong directional trend and potential for a reversal.
The 10X Bars version of the indicator can be found here:
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 a publication is governed by House Rules. You can favorite it to use it on a chart.