OPEN-SOURCE SCRIPT

ADX by langshen

119
Explanation of the Code in TradingView
This Pine Script™ code is designed to create a custom indicator called "ADX with Custom Line by langshen". It combines the Average Directional Index (ADX) with additional features like a custom horizontal line, background highlighting, and alert conditions. Below is a detailed explanation of the code:

Indicator Overview
Name: ADX with Custom Line by langshen
Short Title: ADX+Line
Overlay: No (displayed in a separate pane below the chart)
Key Features
ADX Calculation:

The ADX, +DI, and -DI are calculated using the ta.dmi function.
Users can adjust the ADX Length and ADX Smoothing parameters.
Custom Horizontal Line:

A horizontal line is drawn at a user-defined value (default: 30).
Users can customize the line's color, width, and style (solid, dotted, or dashed).
Background Highlighting:

The background is highlighted with a purple color when the ADX value is above the custom horizontal line.
The transparency of the background highlight can be adjusted.
Alert Conditions:

Alerts are triggered when the ADX crosses above or crosses below the custom horizontal line.

כתב ויתור

המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.