ADX Trend Color Histogram

yesterday

Overview:

This script provides a visually enhanced version of the classic Average Directional Index (ADX) indicator. Instead of a simple line, it plots the ADX as a histogram, making it easier to gauge trend strength at a glance. The key feature is its dynamic color-coding, which shifts based on the relationship between the Directional Indicators (DI+ and DI-), offering immediate insight into market momentum.

Features:

• Histogram Style: The ADX value is presented as a histogram for clear, easy-to-read visualization of trend strength.
  
  
• Dynamic Color-Coding: The histogram bars are colored green when DI+ is greater than DI-, indicating bullish momentum. They turn red when DI- is greater than DI+, signaling bearish momentum.
  
  
• Customizable Transparency: The default color transparency is set to 80% (20% opacity) for a clean look that doesn't overpower the main chart, but this can be adjusted in the script's color settings.
  
  
• Built-in Alerts: The script includes configurable alerts that trigger whenever the momentum shifts, i.e., when the color of the histogram changes from red to green or vice-versa. This allows you to stay notified of potential changes in trend direction without constantly watching the chart.
  
  
• Clean and Simple: The code is well-structured and commented for clarity, making it easy for other PineScripters to understand or modify.
  

How to Use:

Assess Trend Strength: The height of the histogram bars represents the strength of the current trend. Higher bars suggest a stronger trend (either bullish or bearish), while lower bars indicate a weak or non-trending market.

Identify Momentum Direction: The color of the bars provides a quick guide to the direction of market momentum.

Green Bars: Indicate that the upward momentum is dominant.

Red Bars: Indicate that the downward momentum is dominant.

Use Alerts for Signals: Set up alerts in TradingView based on the "ADX Green" and "ADX Red" conditions to receive notifications for potential entry or exit signals when the momentum shifts. A change from red to green can signal a potential bullish reversal or continuation, while a change from green to red can signal a bearish one.

yesterday

Release Notes

Overview:

This script provides a visually enhanced version of the classic Average Directional Index (ADX) indicator. Instead of a simple line, it plots the ADX as a histogram, making it easier to gauge trend strength at a glance. The key feature is its dynamic color-coding, which shifts based on the relationship between the Directional Indicators (DI+ and DI-), offering immediate insight into market momentum.

Features:

Histogram Style: The ADX value is presented as a histogram for clear, easy-to-read visualization of trend strength.

Dynamic Color-Coding: The histogram bars are colored green when DI+ is greater than DI-, indicating bullish momentum. They turn red when DI- is greater than DI+, signaling bearish momentum.

Customizable Transparency: The default color transparency is set to 80% (20% opacity) for a clean look that doesn't overpower the main chart, but this can be adjusted in the script's color settings.

Built-in Alerts: The script includes configurable alerts that trigger whenever the momentum shifts, i.e., when the color of the histogram changes from red to green or vice-versa. This allows you to stay notified of potential changes in trend direction without constantly watching the chart.

Clean and Simple: The code is well-structured and commented for clarity, making it easy for other PineScripters to understand or modify.


How to Use:

Assess Trend Strength: The height of the histogram bars represents the strength of the current trend. Higher bars suggest a stronger trend (either bullish or bearish), while lower bars indicate a weak or non-trending market.

Identify Momentum Direction: The color of the bars provides a quick guide to the direction of market momentum.

Green Bars: Indicate that the upward momentum is dominant.

Red Bars: Indicate that the downward momentum is dominant.

Use Alerts for Signals: Set up alerts in TradingView based on the "ADX Green" and "ADX Red" conditions to receive notifications for potential entry or exit signals when the momentum shifts. A change from red to green can signal a potential bullish reversal or continuation, while a change from green to red can signal a bearish one.