OPEN-SOURCE SCRIPT
ADX Signals
Updated
This script uses the Average Direction Index, On Balance Volume, and Exponential Moving Average, Moving Average Cross, MACD, Donchian Channels and two Parabolic SARs for stop loss, a normal one and a line one.
I tried to make the script as straightforward as possible, Buy when there is a buy signal and sell when there is a sell signal. I like using it on the smaller time-frames because I'm a scalper and I like going in and out quickly, but this indicator can be used on any timeframe and works on any instrument. The buy signal is triggered when the DI+ goes above the 30 level, the ADX is not increasing, on balance volume is at it's lowest, the price is above the lower Donchian Channel and last MACD hist bar is lower than the previous one. The sell signal is triggered when the DI- goes above the 30 level, the ADX is not increasing, on balance volume is at it's highest, the price is below the upper Donchian Channel and last MACD hist bar is upper than the previous one.
If you have any suggestions feel free to leave them in the comments below or Message me directly.
I tried to make the script as straightforward as possible, Buy when there is a buy signal and sell when there is a sell signal. I like using it on the smaller time-frames because I'm a scalper and I like going in and out quickly, but this indicator can be used on any timeframe and works on any instrument. The buy signal is triggered when the DI+ goes above the 30 level, the ADX is not increasing, on balance volume is at it's lowest, the price is above the lower Donchian Channel and last MACD hist bar is lower than the previous one. The sell signal is triggered when the DI- goes above the 30 level, the ADX is not increasing, on balance volume is at it's highest, the price is below the upper Donchian Channel and last MACD hist bar is upper than the previous one.
If you have any suggestions feel free to leave them in the comments below or Message me directly.
Release Notes
Improved Signals quality, also added a setting that allows the user to receive a signal after x barsRelease Notes
Added some off/on booleans so you can see more or less indicators, also added ZigZag and Three Supertrend indicators, first one's period is 10 and atrmultiplier 1, 2nd 11 and 2, 3rd 12 and 3.Release Notes
Slight change that turns off the ma crosses from defaultRelease Notes
Turned off the ADX, OBV and MACD and made signals based on ZigZag indicator, also added trailing stoploss and removed the old stoplosses based on Parabolic SARRelease Notes
Gave up on the ZigZag signals as they only work while backtesting, forward testing they give really bad results, you can still turn on the classic ADX signals by yourself.Release Notes
Added more EMAs and added the turned on the Donchian Channels again as default and changed the period from 6 to 14, be careful not to enter a sell if the Donchian Channels are going up or if the ADX goes up, nor enter a buy if the Donchian Channels are going down or if the ADX goes up. Release Notes
Turned off MA Cross and changed the colors for ATR Stoploss to blue for uptrend and yellow for downtrend, also turned off the ema ribbon so it is more clear whether to buy or sell.Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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