ADX and DI delta

4 hours ago

Just a small adjustment to a well known indicator, the ADX with +DI and -DI.

I've always been annoyed of how cluttered this indicator is, specially do to the increasing gap between +DI and -DI, so I changed it up a bit.

• ADX line has not been adjusted
  
• +DI and -DI have now merged into deltaDI
  
• deltaDI changes color depending on which value is higher (+DI > -DI = green line, else red line)
  
• Plots a dashed 0 line (not editable)
  
• Plots a two dotted lines at value 20 and 25 (editable)
  
• Plots a label above/below price on the chart if the trend is exhausted and might end. (can be disabled)
  

Now you only have the ADX line together with a delta line.
The delta line is the gap between +DI and -DI and will change color depending on which one is highest and controlling the trend.

+DI = green line
-DI = red line

I've also added both a 20 and 25 horizontal dotted line.
Normally ADX should be 25 or higher to start a trend, but I do know a lot of people like to be greedy and jump in early in the trend build-up.

A dashed 0 line has been added, just because I felt like it. If either the ADX or delta ever cross below it without you editing the script yourself, just delete the script as it clearly doesn't do its job.

A red label_down will be plotted above the price when the ADX starts curling down and +DI > -DI. This indicates at best a breather for a bullish up trend or a possible reversal.

A red label_down will be plotted above the price if the ADX is above 25 and starts curling down while +DI > -DI. This indicates at best a breather for a bullish up trend or a possible reversal.

A green label_up will be plotted below the price if the ADX is above 25 and starts curling down while -DI > +DI. This indicates at best a breather for a bearish down trend or a possible reversal.

Enjoy my take on the indicator.

4 hours ago

Release Notes

Had forgotten to add the "ADX > 25" trigger for plotting the label like an idiot.