My interpretation of John Carter's popular Simpler Trading 10X Bars indicator. Now you can see directional market strength for a variety of key futures , indices and industry groups for quick comparison with individual stocks.
Momentum is displayed to quickly see the quality and strength of a trend based on a calculation of the Directional Movement Index (DMI). The DMI is an indicator developed by J. Welles Wilder in 1978 that identifies in which direction the price of an asset is moving. The DMI is calculated by comparing prior highs and lows and produces 2 measurements illustrating the strength of the current trend: -> a positive directional movement line ( +DI ); and -> a negative directional movement line ( -DI ).
The average directional index ( ADX ) measures the strength of the current trend, either +DI or +DI ; a reading above 20 typically indicates a strong trend.
-> Green bars indicate an uptrend i.e. when +DI is above -DI and ADX is greater than 20 - there is more upward pressure than downward pressure in the price; -> Red bars indicate a downtrend i.e. when -DI is above +DI and ADX is greater than 20 - there is more downward pressure on the price; and -> Yellow bars indicate no strong directional trend and potential for a reversal.
This indicator should compliment other popular indicators, as confirmation whether to stay in a position or not.
Notas de prensa
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Changed the overlay setting so that the indicator moves to a new pane when added
Hi, Is it possible to move the indicator to other page? When I installed the indicator, it is in the same page that the stock price and it's not possible to zoom in/out independently
Beardy_Fred
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@juanfereb99, yes, I'll update the code now. I originally had Overlay = True which is not correct for this indicator. Once the new version is released, you may need to remove the indicator and add again for the change to show.
iQ_Trader1
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Beardy_Fred
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@iQ_Trader1, is this your amended version of my indicator or is this what you see when you add my indicator to your chart?
iQ_Trader1
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@Beardy_Fred, I use your original Indicator, only Stock looks good. Because overlay = true, when I change overlay = false. All great views, forex, crypto and etc. Thanks for the scripts. Gbu
Beardy_Fred
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@iQ_Trader1, thanks - I'll make sure to turn off overlay when I update the code