RDX Relative Directional Index

21. Apr. 2023

RDX Relative Directional Index, Strength + Direction + Trend. This indicator is the combination of RSI and DMI or ADX. RDX aims at providing Relative direction of the price along with strength of the trend. This acts as both RSI and Average Directional Index. as the strength grows the RSI line becomes wider and when there is high volatility and market fluctuation the line becomes thinner. Color decides the Direction. This indicator provides sideways detection of RSI signal.

RDX Width: This determines the strength of RSI and Strength of ADX, The strength grows RDX band grows wider, as strength decreases band shrinks and merge into the RSI line. for exact working simply disable RSI plot on the indicator. when there is no strength the RSI vanishes..


Technical:
RSI : with default 14 period
ADX : Default 14 period
RDX=RSI+(ADX-20)/5

Color Code:
Red: Down Direction
Green: Up Direction

Sideways:
A rectangular channel is plotted on RSI 50 Level

Oversold Overbought:
Oversold and Overbought Levels are plotted for normal RSI Oversold and Overbought detection.

Buy/Sell:
Buy sell signals from ADX crossover are plotted and its easy to determine
Strength + Direction + Trend in one go

Hope the community likes this...
Contibute for more ideas and indicators..

21. Apr. 2023

Versionshinweise

minor update

21. Apr. 2023

Versionshinweise

go Live