The "ADX and DI (Colored Candles Open-Source)" indicator is a technical analysis tool used in trading. It utilizes the Average Directional Index (ADX) and the Directional Movement Indicators (+DI and -DI) to assess the strength and direction of a price trend. The ADX is calculated based on a 14-period lookback and is displayed as a histogram.
The color of the ADX histogram varies depending on the ADX value and the relative positions of +DI and -DI. Green and purple colors represent bullish and bearish trends respectively, with variations in shades indicating trend strength. Yellow and red colors indicate potential trend exhaustion for bullish and bearish trends, respectively, when ADX is above 50. Gray color is used when ADX is below 10, indicating a neutral trend.
Additionally, the script plots +DI and -DI lines with a fill between them to visually represent their crossover. Horizontal dotted lines are drawn at key ADX levels (0, 10, 25, 50) for reference. The candles on the chart are also colored to match the ADX histogram, providing a clear visual representation of the market trend.
오픈 소스 스크립트
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.