The area between DI+ and DI- is filled, and the indicator's range in divided into 4 sections, each of them representing a different price tendency:
- When line is inside the red colored area (0-25), the market is in a ranging phase.
- When inside the aqua colored area (25-50), there is a trend.
- When inside the blue colored area (50-75), there is a strong trend
- When inside the navy colored area (75-100), there is an extremely strong trend.
However keep in mind that these are default levels that may be not always significant. You can change them from the script settings as you prefer, to better tweak your analysis.
Please support my work and follow me if you like my scripts. Many more of them are coming in the future.
- Removed unnecessary code lines
- Added dummy variable for price data. You can compute DMI using Heikin Ashi prices by selecting the corresponding option in the setting.