Example: ADX DMI shown on a ProRealTime Chart
A few words of explanation....
First the "basic" term :
From now on,if some thing new is going to be made,i will always do the following:
- first the basic version will be posted (a version with just bare calculation,and bare options,nothing of the usual additions like alerts,multi time framing,dynamic levels,filters .... any usual addition that we are used to)
- after that the "extended" version(s) will be made
This is going to be done in order to make it clear what is exactly the indicator it self and what are the extensions and to make it easier to use the version depending on the task they have to perform
Legendary charting pioneer and trader Dawn Bolton-Smith on Welles Wilder's DMI stated "if used correctly, you'll never be wiped out":
As of ADXm - according to its original inventor (ANG3110),this is its description
"Unlike the traditional ADX Indicator,where the ADX itself is plotted in absolute units and detection of the trend direction is hindered,this indicator clearly display the positive and negative ADX half-waves (displayed as colored on the chart) And the D1+/- signals are displayed as their difference (grey)
The method of using this indicator is the same as the traditional one.
In additions,it display the levels (dashed),above which the market is considered to be in a trend state.
This level is usually set to approximately 20-25 percents - somewhat depends on the time frame it is used on"
This version deviates a bit since it allows 3 prices to be used (price for close,high and low where the original does not have prices options at all since it uses fixed close,high and low for calculation),but all the rest (including the results,if default parameters are used) is same.
The code it self is not (which is normal,since this is a completely new way it was coded) but in this version it is made to be re-usable code and it can easily be used in any other code,and,unlike the original mt4 version that could repaint the color on occasions, this version can not REPAINT (at all)
ADXm (not a standard ADX, but a close relative of it), floating levels version (floating levels and quantile bands included), posted below