DMI Modified

This is a Directional Movement Index (DMI) with a twist, instead of plotting the positive direction of +DI and negative direction for -DI , we subtract the +DI with the -DI on scales of 100 to -100.
The result is plotted with a oscillator to identify the current trend.
DMI Modified supports multiple moving averages (default is JMA with length of 3). You can disable moving averages smoothing in settings.

== About the indicator ==
The Directional Movement Index, or DMI, is an indicator developed by J. Welles Wilder in 1978 that identifies in which direction the price of an asset is moving.
The indicator does this by comparing prior highs and lows and drawing two lines: a positive directional movement line ( +DI ) and a negative directional movement line ( -DI )

In our case we do not draw the two lines, but the result of the subtraction of the two.

== Oscillator Colors ==
GREEN : Asset is above zero line with a strong up trend.
LIGHT GREEN: Asset is above zero line but up trending might be weakening.
RED : Asset is below zero line with a strong downtrend.
LIGHT RED: Asset is below zero line but down trending might be weakening.

== Notes ==
Can also be used to find divergences.
Bar coloring is disabled by default

Like if you like and Enjoy!
There is an idea to make a new strategy combined with DMI Modified (this script) and another script, hench, Follow.
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?
Appreciation of my work:

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Great tool!!! fantastic! do you know the settings for bitcoin on lower TF's? I'll test it but I'd like to know your opinion. Thanks!!!!
dman103 al_va_ro
@al_va_ro, Thanks! Haven't tried it out on bitcoin.
great script! it could be better if you could add adx adxr into it :D
dman103 blackcat1402
@blackcat1402, Thanks mate, i wanted to make it simple, responsive and accurate as much as possible :D
+2 Antworten
@dman103, you are right, classic DMI have four signal with take time to get used to. this version is simple but clear on trend judgng
+1 Antworten