OPEN-SOURCE SCRIPT
DI+/DI- Volatility Index
This is a indicator based on the DI+ and DI- Indicators, that are usually used to measure the strength of a trend.
It works by taking the difference between the DI lines.
If the DI+ is higher than the DI-, the indicator will be green and it's value will be the difference between them; if the DI- is higher than the DI-, the indicator will be red and the value will be the difference between them.
The lines are EMA's of the values themselves.
For strategies, it works well as overbought and oversold levels, but i'll let you find how to do that :)
It works by taking the difference between the DI lines.
If the DI+ is higher than the DI-, the indicator will be green and it's value will be the difference between them; if the DI- is higher than the DI-, the indicator will be red and the value will be the difference between them.
The lines are EMA's of the values themselves.
For strategies, it works well as overbought and oversold levels, but i'll let you find how to do that :)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.