OPEN-SOURCE SCRIPT

Mehul - ADX Zero Lag

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This script combines two popular technical indicators into a single visualization:

1. **Average Directional Index (ADX)**:
- Measures trend strength on a scale from 0-100 (now normalized to 0-1 by dividing by 100)
- Displayed as a red line
- Adjustable smoothing and length parameters

2. **Zero Lag MACD (Modified Moving Average Convergence Divergence)**:
- An enhanced version of the traditional MACD with reduced lag
- Shows the relationship between fast and slow moving averages
- Main components include:
- MACD line (black)
- Signal line (gray)
- Histogram (green for positive, purple for negative)
- EMA of the MACD line (red)
- Optional crossing dots

Key features of the combined indicator:

- **Scale Adjustment**: Both indicators can be scaled independently (adxScale and macdScale parameters)
- **Visibility Toggles**: Each indicator can be shown or hidden
- **Advanced Customization**: Parameters for both indicators can be fine-tuned
- **Algorithm Selection**: Option to choose between the "Glaz" algorithm or the "real" zero lag algorithm
- **Display Options**: Toggles for visualization elements like crossing dots

The most significant technical aspect is that both indicators are displayed in the same pane with compatible scaling, achieved by normalizing the ADX values and applying user-defined scale factors to both indicators.

This combined indicator is designed to give traders a comprehensive view of both trend strength (from ADX) and momentum/direction (from Zero Lag MACD) in a single, easy-to-read visualization.

면책사항

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