SparkyFlary

ADX Histogram with DI lines

Inspired by the user scarf from Tradingview. In contrast with that other indicator, this one instead of a simple moving average ( SMA ) for the ADX calculations, uses a running moving average (RMA) or also known as Wilder's Average. I like having a histogram for the DI lines over just having lines alone because it makes it easier to see. In addition I made it so that values less than 5 for the DI lines are colored lightly to note that the movement was less significant(might not matter but some might care about it, atleast I do). The ADX has a color fainting effect too, and when it goes above the threshold then it becomes black to note that it is trending, as the indicator suggests.

The advantages with these additions and changes are that it shows a more traditional moving average like the original author Wellers Wilder suggested and you can see the crossings and directional movement changes easier from seeing the colors on the histogram easier than you would by looking at the DI lines alone. The disadvantages are you won't be able to tell when the ADX line is above both DI lines and when the ADX then makes a decrease from there(which can sometimes show a reversal), but personally it doesn't matter too much to me and perhaps to those who care more about seeing the direction than having to focus on all those 3 lines crossing all over the place.
Release Notes: moved the scale to the right
Release Notes: added an ADXR line option, it is turned off by default
added options to turn on the ADX and ADXR lines
Release Notes: updated
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

Good script. Please repost with scale on right side instead of left. Thanks
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SparkyFlary shacks420
@shacks420, will do, thanks for the feedback
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shacks420 SparkyFlary
@SparkyFlary, thanks
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SparkyFlary shacks420
@shacks420, no problem, yeah throw me some comments and feedback yall. I'm here to help make us all money! Let's do it.
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