Popular tags: Support, Resistance, Trend, Range, Fibonacci, Wave, Divergence, Multi time frames(MTF), Swing, Volume, Overbought, Oversold
Customization and Conversion for: MetaTrader(MT4, MT5), Thinkorswim, NinjaTrader, MultiCharts, Tradingview, Prorealtime, SierraChart, etc.
License renew price will be 20% off for the 2nd year and after.

 


Multi time frame (MTF) Directional Movement Index (DMI) indicator for thinkorswim TOS

Multi time frame (MTF)  Directional Movement Index (DMI) indicator for thinkorswim TOS
Availability: In Stock
Price: $30.00USD
Qty:     - OR -   Add to Wish List
Add to Compare
0 (0/5)  0 reviews  |  Write a review
Free for VIP member.  

Please note that it does not work on Tick and Range type chart, it only works on Time based chart.


The average directional movement index (ADX) was developed in 1978 by J. Welles Wilder as an indicator of trend strength in a series of prices of a financial instrument.[1] ADX has become a widely used indicator for technical analysts, and is provided as a standard in collections of indicators offered by various trading platforms.

The ADX is a combination of two other indicators developed by Wilder, the positive directional indicator (abbreviated +DI) and negative directional indicator (-DI).[2] The ADX combines them and smooths the result with a smoothed moving average.

To calculate +DI and −DI, one needs price data consisting of high, low, and closing prices each period (typically each day). One first calculates the directional movement (+DM and −DM):

    UpMove = today's high − yesterday's high
    DownMove = yesterday's low − today's low
    if UpMove > DownMove and UpMove > 0, then +DM = UpMove, else +DM = 0
    if DownMove > UpMove and DownMove > 0, then −DM = DownMove, else −DM = 0

After selecting the number of periods (Wilder used 14 days originally), +DI and −DI are:

    +DI = 100 times the smoothed moving average of (+DM) divided by average true range
    −DI = 100 times the smoothed moving average of (−DM) divided by average true range

The smoothed moving average is calculated over the number of periods selected, and the average true range is an smoothed average of the true ranges. Then:

    ADX = 100 times the smoothed moving average of the absolute value of (+DI − −DI) divided by (+DI + −DI)

Variations of this calculation typically involve using different types of moving averages, such as an exponential moving average, a weighted moving average or an adaptive moving average.





With this MTF version DMI, you can apply any time frame of DMI to your current chart.

You can have DMI of 15 or 60 minute on your 5 minutes chart, or having weekly DMI on Daily chart.

As long as the secondary time frame is greater than the primary time frame.


 

Write a review

Your Name:


Your Review: Note: HTML is not translated!

Rating: Bad           Good

Enter the code in the box below:



Welcome to Patternsmart
Converting your indicator from one platform to another.

Custom Alert, Autotrader, Indicators, Scan, Screener, Strategy and Signals.


 

Copyright @ 2023 Patternsmart - All rights reserved


This website is for educational and informational purposes only and should not be considered a solicitation to buy or sell a futures contract or make any other type of investment decision. It's not recommended to use any single indicator as sole evaluation criteria. The companies and services listed on this website are not to be considered a recommendation and it is the reader's responsibility to evaluate any product, service, or company. patternsmart is not responsible for the accuracy or content of any product, service or company linked to on this website.

Futures trading contains substantial risk and is not for every investor.Please read the following risk disclosure before considering the trading of this product: Futures Risk Disclosure. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Trading stocks, options, futures and forex involves speculation, and the risk of loss can be substantial.Investor must consider all relevant risk factors, including their own personal financial situation, before trading. Trading foreign exchange on margin carries a high level of risk, as well as its own unique risk factors. Forex investments are subject to counter-party risk, as there is no central clearing organization for these transactions. Please read the following risk disclosure before considering the trading of this product: Forex Risk Disclosure. Spreads, Straddles, and other multiple-leg option strategies can entail substantial transaction costs, including multiple commissions, which may impact any potential return. Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Prior to trading options, you should carefully read Characteristics and Risks of Standardized Options.

patternsmart.com will not be held liable for the loss of money or any damage caused from relying on the information on this site. Any investment decision you make in your account is solely your responsibility.
TESTIMONIAL DISCLOSURE: TESTIMONIALS APPEARING ON OUR SITE MAY NOT BE REPRESENTATIVE OF THE EXPERIENCE OF OTHER CLIENTS OR CUSTOMERS AND IS NOT A GUARANTEE OF FUTURE PERFORMANCE OR SUCCESS.