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Advanced adx indicator that allows operating on many timeframes simultaneously!
Unique indicator with the ability to display ADX charts not only on the current timeframe, but also on higher ones. The example attached shows how it is possible to see 3 ADX chart on M5, M15 and M30 timeframes respectively. This functionality allows to significantly improve the accuracy of determining the trend.
The Timeframe Delta parameter specifies how much the indicator’s timeframe should be different from the timeframe of the current chart. For example, if the current TF = M15, then the following options are available:
- If timeframe delta = 0, the indicator will draw using TF = M15
- If timeframe delta = 1, the indicator will draw using TF = M30
- If timeframe delta = 2, the indicator will draw using TF = H1
- And so on …
The maximum period that can be used by the indicator is 1 month.
Apart from such standard parameters as a period the indicator also tries to identify the existence and the direction of the trend using current and higher timeframes simultaneously. The user specifies the location of the text on the chart.
The indicator also provides the ability to customize display of levels, as well as colors of the lines. By default, the following values are used:
- Green line: + DI
- Red line: -DI
- Yellow line: ADX
Please contact the author in case if any changes or enhancements are required.
