OPEN-SOURCE SCRIPT
KINSKI ADX
Updated
This ADX indicator (Average Directional Index) tries to estimate the strength of a trend. The Average Directional Index is derived from the positive (+DI) and the negative directional indicator (-DI). The direction of movement is determined by comparing the highs and lows of the current and past periods.
As soon as the indicator determines a trend strength for upward or downward trend, a label is displayed. An upward trend is labelled "Bullish Trend". The downward trend bears the label "Bearish Trend".
The clouds in the background represent the movements of the Average Directional Index High/Low:
The line represents the average value of the ADX signal:
The following configurable options are possible:
As soon as the indicator determines a trend strength for upward or downward trend, a label is displayed. An upward trend is labelled "Bullish Trend". The downward trend bears the label "Bearish Trend".
The clouds in the background represent the movements of the Average Directional Index High/Low:
- Color orange: neutral, uncertain in which direction it is going.
- Color green: upward trend
- Color red: downward trend
The line represents the average value of the ADX signal:
- Color orange: neutral: still uncertain in which direction it is going
- Color green / outgoing line: upward trend
- Color green / descending line: weakening upward trend
- Color red / exiting line: downward trend
- Color red / descending line: weakening downward trend
The following configurable options are possible:
- "ADX Smoothing
- Directional Index Length
- Level Range
- Level Trend
Release Notes
Here's a nice little update on that. Normally the ADX calculations are calculated with the moving average "Running Moving Average (RMA)". Under the settings you can now select different MA types via the option "Type of Moving Average". With this new, interesting possibilities are then available.Selectable MA variants:
"COVWMA", "DEMA", "EMA", "EHMA", "FRAMA", "HMA", "KAMA", "RMA", "SMA", "SMMA", "VIDYA", "VWMA", "WMA"
Release Notes
- Convert to PineScript5
Release Notes
- add Style Options
- add new MA Types => "TEMA" (Triple EMA), "Karobein"
Release Notes
- Refactor Code
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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