PROTECTED SOURCE SCRIPT
checkm8's ADX & DMI v2 with MTF Godmode Crossovers
Updated
Hello & welcome to my updated version of the ADX & DMI indicator.
The average directional index and directional moving indices are a godsend and I think you should incorporate it into your trading.
Here's a quick how-to:
A detailed guide is available in my first version:
Additional edits:
My indicator paints the background of the indicator green when +DMI is above -DMI and red when -DMI is above +DMI. In addition to this, the background will paint darker green when the RSI on the timeframe exceeds 70 and even darker when the RSI exceeds 80, in a +DMI dominance. The background will paint darker red when the RSI on the timeframe falls below 30 and even darker when the RSI falls below 20, in a -DMI dominance.
The indicator also displays multi-timeframe (MTF) crossovers on Godmode MACDs, plotted on the ADX line. If the dots are teal, it means that the shorter-term MA crossed above the longer-term MA (bullish), and if it is fuchsia, the shorter-term MA crossed below the longer-term MA (bearish).
Additional notes:
Additional edits:
1) Speculating on DMI crossovers is dangerous, especially on larger timeframes. Be careful when doing so if you are not familiar with the calculations behind the DMIs and if you are not familiar with how movements on lower timeframes translate to larger timeframes.
Additional resources to learn about ADX & DMI:
1) seekingalpha.com/instablog/3452-scotts-investments/1560-an-explanation-of-the-dmi-adx-indicator
2) stockcharts.com/school/doku.php?id=chart_school:technical_indicators:average_directional_index_adx
Special thanks:
-xSilas, for the development of the Godmode calculations used in my indicator
-dent77x, for being a thinkpool and emotional support
-kristarling, for help with the coding
The average directional index and directional moving indices are a godsend and I think you should incorporate it into your trading.
Here's a quick how-to:
A detailed guide is available in my first version:
Additional edits:
My indicator paints the background of the indicator green when +DMI is above -DMI and red when -DMI is above +DMI. In addition to this, the background will paint darker green when the RSI on the timeframe exceeds 70 and even darker when the RSI exceeds 80, in a +DMI dominance. The background will paint darker red when the RSI on the timeframe falls below 30 and even darker when the RSI falls below 20, in a -DMI dominance.
The indicator also displays multi-timeframe (MTF) crossovers on Godmode MACDs, plotted on the ADX line. If the dots are teal, it means that the shorter-term MA crossed above the longer-term MA (bullish), and if it is fuchsia, the shorter-term MA crossed below the longer-term MA (bearish).
Additional notes:
Additional edits:
1) Speculating on DMI crossovers is dangerous, especially on larger timeframes. Be careful when doing so if you are not familiar with the calculations behind the DMIs and if you are not familiar with how movements on lower timeframes translate to larger timeframes.
Additional resources to learn about ADX & DMI:
1) seekingalpha.com/instablog/3452-scotts-investments/1560-an-explanation-of-the-dmi-adx-indicator
2) stockcharts.com/school/doku.php?id=chart_school:technical_indicators:average_directional_index_adx
Special thanks:
-xSilas, for the development of the Godmode calculations used in my indicator
-dent77x, for being a thinkpool and emotional support
-kristarling, for help with the coding
Release Notes
EDIT: The Godmode crossovers in the original v2 are flipped. If you do not update to this version, be aware of the fact that the "GM Cross Up" refers to the shorter-timeframe GM moving below the longer-timeframe GM, and vice-versa, where the "GM Cross Down" refers to the longer-timeframe GM moving above the longer-timeframe GM.Happy trading.
Release Notes
There is now an additional option to plot the Godmode crossovers as horizontal lines as opposed to circles (default selection). Make yourself familiar with the customization menu, as you may want a different color scheme.For reference, in "Style":
1) GM Cross Up & GM Cross Down: These should never be unchecked and always be set to "Circles", even if you are using the horizontal lines option. Simply uncheck "Plot Circles for GM Crosses?" in the "Inputs" tab.
2) Under Background Color:
Color 0 = GM Cross Up
Color 1 = GM Cross Down
Color 2 = RSI < 20
Color 3 = RSI < 30
Color 4 = RSI > 80
Color 5 = RSI > 70
Color 6 = +DMI Dominance
Color 7 = -DMI Dominance
3) Under ADX:
Color 0 = ADX < First Key Level (this is a value you can change, depending on your preference. Default value = 20)
Color 1 = Rising ADX Value
Color 2 = Falling ADX Value
Release Notes
Updated for snapshot.Let me know if you would like to see further revisions or have recommendations!
Release Notes
The script has been updated with the following changes:1) The indicator will now display a histogram below the ADX & DMI lines, which will represent Godmode EMAs. This is more useful than the previous version, as you can now see when the Godmode EMAs cross based on the color changes of the histogram, in addition to being able to see the distance between the Godmode EMAs - represented by the size of the histogram bars.
2) To remove the redundancies in the settings for the indicator, the Godmode crossovers will no longer be plotted as dots along the ADX, and running a different color horizontal line on Godmode crossovers will no longer be an option either. This change is meant to deliver better function and utility from the indicator, as I found that most people had trouble navigating around the settings menu.
3) The "60 Key Level" for ADX has been removed. This was relatively redundant and unnecessarily stretched the indicators.
4) All other previous settings and changes (as per previous versions) will remain.
Please let me know if you have any feedback or would like to see further upgrades to the indicator.
Happy trading!
Disclaimer
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