I have begun to make some of my unique and enhanced indicators for Tradestation available to others.
If you use Tradestation for charting and/or strategies,
you might be interested to check out
and see what I have developed so far …
ADX with automatic Trend indication
(yes, our ADX can show trend direction as well as strength!)
The usual display of ADX is a single line, and the usual interpretation of ADX is that “it shows the strength of the trend but not the direction.” To determine the direction of the trend the usual procedure is to plot two more lines ( +DI and -DI ) and then visually decide which one is “on top.”
A recent webinar suggestion was to use the histogram, instead of a line, to display the strength of the ADX trend indicator. This seemed like an excellent idea, but then why not use a ‘flipped’ histogram to show a down-trend and the normal histogram to show an up-trend?
Our proprietary coding does just that! Now you can look at the display below and you can immediatly, visually see both the strength and direction of the trend at each point on the chart. In addition, the various levels of strength are color coded AND yellow is used to show histogram reversals. (You will find that tops and bottoms on the price chart usually match the point where our histogram turns yellow!)