Directional Movement Index + ADX & Keylevel Support
ADX and DMI oscillator with the keylevel coded in to the script, set for 23, suggested settings is 23 - 25 any trade with the ADX above the keylevel is a strong indicator that it is trending.
study("Directional Movement Index + ADX + Ploted KEYLEVEL", shorttitle="DMI/ADX/KEYLEVEL")
adxlen = input(14, title="ADX Smoothing")
dilen = input(14, title="DI Length")
keyLevel = input(23, title="key level for ADX")
dirmov(len) =>
up = change(high)
down = -change(low)
truerange = rma(tr, len)
plus = fixnan(100 * rma(up > down and up > 0 ? up : 0, len) / truerange)
minus = fixnan(100 * rma(down > up and down > 0 ? down : 0, len) / truerange)
[plus, minus]
adx(dilen, adxlen) =>
[plus, minus] = dirmov(dilen)
sum = plus + minus
adx = 100 * rma(abs(plus - minus) / (sum == 0 ? 1 : sum), adxlen)
[adx, plus, minus]
[sig, up, down] = adx(dilen, adxlen)
plot(sig, color=red, title="ADX")
plot(up, color=blue, title="+DI")
plot(down, color=gray, title="-DI")
plot(keyLevel, color=white, title="Key Level")