DMI Histogram & SRSI Crossover with ADX filtering
Uses DMI rendered as a histogram & overbought/sold SRSI crossovers to highlight areas of increased likelihood of reversal/signals.
This is the same as the DMI Histogram & SRSI found at the below link except that it uses ADX to filter trades and the DMI Thresholds are set to 0/-0 (optional if you want more aggressive filtering at a set threshold. Leave at zero if you only want to use ADX to filter).
Red dot above histogram - indicates overbought SRSI crossover occurred above the DMI threshold in an upward DMI and ADX > 25
Green dot below histogram - indicates oversold SRSI crossover occurred below the DMI threshold in a downward DMI and ADX > 25
Red plotted line is the ADX
DMI threshold can be adjusted to eliminate choppy low DMI crossovers (displayed as transparent red zone on the histogram). Set to 0 / -0 to display all SRSI crossovers for that DMI.
SRSI overbought/sold adjustable. Note : it has been offset to align with the histogram (-50 to 50 instead of the standard 0 to 100).
Other settings standard for SRSI etc.
Also ADX is displayed offset around the threshold and aligned with the horizontal 0 axis. So if you filter out trades where ADX < 25 then the ADX line will be plotted so values < 25 display below zero and vice versa. It makes it easier to visually identify the trend strength (when it passes over 0 it represents confirmed trend strength and the DMI/SRSI crossover signals will then display).
You can adjust the ADX threshold in the settings. Standard are usually 20 or 25(default).
This is the same as the DMI Histogram & SRSI found at the below link except that it uses ADX to filter trades and the DMI Thresholds are set to 0/-0 (optional if you want more aggressive filtering at a set threshold. Leave at zero if you only want to use ADX to filter).
Red dot above histogram - indicates overbought SRSI crossover occurred above the DMI threshold in an upward DMI and ADX > 25
Green dot below histogram - indicates oversold SRSI crossover occurred below the DMI threshold in a downward DMI and ADX > 25
Red plotted line is the ADX
DMI threshold can be adjusted to eliminate choppy low DMI crossovers (displayed as transparent red zone on the histogram). Set to 0 / -0 to display all SRSI crossovers for that DMI.
SRSI overbought/sold adjustable. Note : it has been offset to align with the histogram (-50 to 50 instead of the standard 0 to 100).
Other settings standard for SRSI etc.
Also ADX is displayed offset around the threshold and aligned with the horizontal 0 axis. So if you filter out trades where ADX < 25 then the ADX line will be plotted so values < 25 display below zero and vice versa. It makes it easier to visually identify the trend strength (when it passes over 0 it represents confirmed trend strength and the DMI/SRSI crossover signals will then display).
You can adjust the ADX threshold in the settings. Standard are usually 20 or 25(default).