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.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
@tradeseekers (YouTube, Twitter)
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
@tradeseekers (YouTube, Twitter)
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.