OPEN-SOURCE SCRIPT
Ex's DMI Divergence
This indicator I am posting open for everyone to see and use.
This is a modified DMI indicator, It has a DMI+ and DMI- and a 3rd line that is the average divergance/convergance of the two.
This indicator is used to recognize periods of consolidation, directional strength and retracements/reversal
There are some key things to watch for:
-When the Div/Conv line is yellow it means that the DMI+/- average distance is moving closer together(converging)
-When the Div/Conv line is aqua it means that the DMI+/- average distance is moving further apart(diverging)
-One DMI must be below the top threshold and other DMI must be below at least the Top threshold(or bottom if you prefer) to be considered valid
Signs of condolidation/possible reversal/weak strength:
-When the DMI+/- are crossing at any location stay mindful of entries
-If both DMI's are above the threshold there is no clear direction
-When the DMI Div/Conv is yellow it means trend is slowing down and aqua means it is picking up
This is a modified DMI indicator, It has a DMI+ and DMI- and a 3rd line that is the average divergance/convergance of the two.
This indicator is used to recognize periods of consolidation, directional strength and retracements/reversal
There are some key things to watch for:
-When the Div/Conv line is yellow it means that the DMI+/- average distance is moving closer together(converging)
-When the Div/Conv line is aqua it means that the DMI+/- average distance is moving further apart(diverging)
-One DMI must be below the top threshold and other DMI must be below at least the Top threshold(or bottom if you prefer) to be considered valid
Signs of condolidation/possible reversal/weak strength:
-When the DMI+/- are crossing at any location stay mindful of entries
-If both DMI's are above the threshold there is no clear direction
-When the DMI Div/Conv is yellow it means trend is slowing down and aqua means it is picking up
Script open-source
In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
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