OPEN-SOURCE SCRIPT
ADX+DMI MTF byPeterO
The goal of this study was to use ADX from Higher Timeframe - to determine trend direction
Why? Because ADX is very sensitive, able to show trend ending without any delay, but not in the middle of it.
Being able to see such immediate trend change on higher timeframe, is a great indicator of trend direction.
Adding just security() calls to 'highest', 'lowest' and 'close' didn't seem right, because it produced some ugly ADX, D+ and D- plotlines.
I wanted to see plotlines, which look exactly like those on actual higher timeframe. Therefore I modified the calculations.
You can read more about my take on (not) using security() calls in my other source code indicator RSI MTF: link in comments.
On top of all that, I added interpretation of DMI readings, because it is not as simple as plus>minus + ADXrising = uptrend.
So GREEN background means higher timeframe uptrend and RED background means downtrend.
Why? Because ADX is very sensitive, able to show trend ending without any delay, but not in the middle of it.
Being able to see such immediate trend change on higher timeframe, is a great indicator of trend direction.
Adding just security() calls to 'highest', 'lowest' and 'close' didn't seem right, because it produced some ugly ADX, D+ and D- plotlines.
I wanted to see plotlines, which look exactly like those on actual higher timeframe. Therefore I modified the calculations.
You can read more about my take on (not) using security() calls in my other source code indicator RSI MTF: link in comments.
On top of all that, I added interpretation of DMI readings, because it is not as simple as plus>minus + ADXrising = uptrend.
So GREEN background means higher timeframe uptrend and RED background means downtrend.
Skrypt open-source
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