OPEN-SOURCE SCRIPT
DMI Modified

This is a Directional Movement Index (DMI) with a twist, instead of plotting the positive direction of +DI and negative direction for -DI, we subtract the +DI with the -DI on scales of 100 to -100.
The result is plotted with a oscillator to identify the current trend.
DMI Modified supports multiple moving averages (default is JMA with length of 3). You can disable moving averages smoothing in settings.
== About the indicator ==
The Directional Movement Index, or DMI, is an indicator developed by J. Welles Wilder in 1978 that identifies in which direction the price of an asset is moving.
The indicator does this by comparing prior highs and lows and drawing two lines: a positive directional movement line (+DI) and a negative directional movement line (-DI)
In our case we do not draw the two lines, but the result of the subtraction of the two.
== Oscillator Colors ==
GREEN : Asset is above zero line with a strong up trend.
LIGHT GREEN: Asset is above zero line but up trending might be weakening.
RED : Asset is below zero line with a strong downtrend.
LIGHT RED: Asset is below zero line but down trending might be weakening.
== Notes ==
Can also be used to find divergences.
Bar coloring is disabled by default
Like if you like and Enjoy!
There is an idea to make a new strategy combined with DMI Modified (this script) and another script, hench, Follow.
The result is plotted with a oscillator to identify the current trend.
DMI Modified supports multiple moving averages (default is JMA with length of 3). You can disable moving averages smoothing in settings.
== About the indicator ==
The Directional Movement Index, or DMI, is an indicator developed by J. Welles Wilder in 1978 that identifies in which direction the price of an asset is moving.
The indicator does this by comparing prior highs and lows and drawing two lines: a positive directional movement line (+DI) and a negative directional movement line (-DI)
In our case we do not draw the two lines, but the result of the subtraction of the two.
== Oscillator Colors ==
GREEN : Asset is above zero line with a strong up trend.
LIGHT GREEN: Asset is above zero line but up trending might be weakening.
RED : Asset is below zero line with a strong downtrend.
LIGHT RED: Asset is below zero line but down trending might be weakening.
== Notes ==
Can also be used to find divergences.
Bar coloring is disabled by default
Like if you like and Enjoy!
There is an idea to make a new strategy combined with DMI Modified (this script) and another script, hench, Follow.
开源脚本
秉承TradingView的精神,该脚本的作者将其开源,以便交易者可以查看和验证其功能。向作者致敬!您可以免费使用该脚本,但请记住,重新发布代码须遵守我们的网站规则。
Appreciation of my work: paypal.me/dman103
All Premium indicators: algo.win
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
All Premium indicators: algo.win
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
免责声明
这些信息和出版物并非旨在提供,也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。
开源脚本
秉承TradingView的精神,该脚本的作者将其开源,以便交易者可以查看和验证其功能。向作者致敬!您可以免费使用该脚本,但请记住,重新发布代码须遵守我们的网站规则。
Appreciation of my work: paypal.me/dman103
All Premium indicators: algo.win
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
All Premium indicators: algo.win
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
免责声明
这些信息和出版物并非旨在提供,也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。