OPEN-SOURCE SCRIPT
Direction&Strength Indicator
This simple Indicator shows:
(1) The Direction of a trend
(2) The Strength of a trend
hence the name "Direction & Strength Indicator.
How to read this Indicator:
Indicator above "resistance area" => strong UP trend
Indicator above 0 .................. => weak UP trend
Indicator below 0 .................. => weak DOWN trend
Indicator below "resistance area" => strong DOWN trend
Notice that this is a time-lagging indicator. Severity of timelag depends on set period of the indicator!
You can also identify overbought and oversold areas. (Tip: Compare to RSI.)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.