OPEN-SOURCE SCRIPT
Directional Movement Ribbon
What makes this different from directional movement index?
The aim is to reduce the amount of data analysis necessary before taking action; currently using DMI requires reviewing the DM+ and DM- plots, and ADX as well as review the overall trend of each one. Also there is the final analysis to determine whether a strong trend hasn’t been established at all.
This indicator condenses the information found from the standard DMI into an intuitive colored ribbon that reveals direction and strength at a glance.
How to use it?
Review the ribbon for sentiment based on color, green being bullish and red being bearish, (if using default color scheme). The brightness of the color determines the strength of the sentiment, brightest being strongest. If no color is represented at all then it is due to weakness and/or lack of direction.
Features
Which markets is this meant for?
This can be used in any market, though it’s recommended to use with liquid markets where direction and strength can be found often.
What conditions?
Recommend to utilize with key levels and most commonly utilized moving average periods such as 20, 50, 100 or 200.
The aim is to reduce the amount of data analysis necessary before taking action; currently using DMI requires reviewing the DM+ and DM- plots, and ADX as well as review the overall trend of each one. Also there is the final analysis to determine whether a strong trend hasn’t been established at all.
This indicator condenses the information found from the standard DMI into an intuitive colored ribbon that reveals direction and strength at a glance.
How to use it?
Review the ribbon for sentiment based on color, green being bullish and red being bearish, (if using default color scheme). The brightness of the color determines the strength of the sentiment, brightest being strongest. If no color is represented at all then it is due to weakness and/or lack of direction.
Features
- All colors customizable
- Toggle display of indecision areas
- Adjust levels considered strong, weak trends
Which markets is this meant for?
This can be used in any market, though it’s recommended to use with liquid markets where direction and strength can be found often.
What conditions?
Recommend to utilize with key levels and most commonly utilized moving average periods such as 20, 50, 100 or 200.
Skrip sumber terbuka
Dalam semangat sebenar TradingView, penulis telah menerbitkan kod Pine ini sebagai sumber terbuka supaya pedagang dapat memahami dan mengesahkannya. Sorakan kepada penulis! Anda boleh menggunakan perpustakaan ini secara percuma, tetapi penggunaan semula kod dalam penerbitan ini adalah dikawal oleh Peraturan dalaman. Anda boleh menyukainya untuk menggunakannya pada carta.
Ingin menggunakan skrip ini pada carta?
@tradeseekers (YouTube, Twitter)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.