This is a very simple indicator. It reflects possible price trend and colors the chart based on the slope of ADX (14 Period) and EMA (14 period) of an instrument.
Green: Rising ADX & Rising EMA (Could be an uptrend)
Blue: Falling ADX & Rising EMA (Could be a slowing uptrend)
Red: Rising ADX & Falling EMA (Could be a downtrend)
Yellow Falling ADX and Falling EMA (Could be a slowing downtrend)
When ADX is below minimum ADX, no color
Minimum ADX value is customizable based on your preference. Default is 15.
This is merely a technical indicator and is not a trade suggestion by any means!!
You may want to use this as a confluence along with other indicators and signals..
This is my first attempt at custom developing indicators!! My apologies for errors if any. Feedback welcome!!
|File Size||7.0 KB|
|# of Downloads||729|
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