OPEN-SOURCE SCRIPT

ADX Color Easy [Dravya]

Script #1

So,
here is my first script.

This is the normal 14 period ADX,
but with a color twist, to make it extremely easy on eyes.
and then,
easily spot the strength.

ADX, as you know, shows the strength of the trend.
As short term traders, we need price movement and a strong trend.

How to use this script ?

1. We don't trade when ADX is in the red zone (0-20)
2. We get ready for trading when it enters the blue zone (20-30)
3. We trade when the ADX enters the green zone (>30)

Simple, right !

Now, in the green zone,
in which direction you should trade?

Here are a few links, to help you use ADX as a strategy ,

tradingsetupsreview.com/the-holy-grail-trading-setup/
babypips.com/school/elementary/common-chart-indicators/average-directional-index.html

Other than this, you can combine this with your own strategies.

Personally, I like to use it on stocks on 1H timeframe.

Thanks.
Would love to hear from you.

Please like it to support the project,
and help spread it.