Directional Strength Index mt5
- Indicators
- Version: 1.0
- Activations: 11
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Description of the Directional Strength Index mt5
I present to you this awesome indicator that concludes the trading armor of a trader seeking for a strong affirmative and insightful entries and exits confluences.The core idea that runs behind the indicator is generated from the famous children game "TUG OF WAR".The market is depicted as being influenced by two forces : buying and selling force.The indicator's work is to determine which force is in control and thereby likely to playout at the current time moreso when the behaviour overlaps across 3 or more consecutive timeframes.
Key Features of the Directional Strength Index:
- Three lines which gives a visual determination of the strength thereby a likely direction.
- Customizable input for the period.
Indicator's working:
- As stated earlier,this indicator has three lines : main line(blue),+DI line(green) and -DI line(red).
- The main line shows the general market's strength,+DI shows the bull strenght while -DI shows the bear strength.
- When +DI line moves in the exact opposite direction to that of -DI,it typically shows signs of a healthy strength,for example if the +DI is rising as depicted from bar index 3 while -DI is dropping then in a layman's language it means that buyer's strength is increasing while seller's are reducing in their strength.
- when +DI and -DI are moving in the same direction,it shows consolidation hence don't trade.
- Concerning the main line,it typically shows the general market movement,that is if the DI lines are moving in opposite direction,the main line can be interpreted as follows basing on its current behaviour :
- If the main line starts to rise or is rising after having dropped previously,it means that it's seconding the current DI line which is rising while the other DI line dropping.
- If the main line starts dropping after rising,it indicates potential turning/reversal point hence there is a high likelihood for the trend to shift and support the currently rising DI lines(Directional lines).
- If the main line rises but the DI lines are moving in the same direction,it typically shows that the market is currently respecting the lower timeframes movement though there is a high likelihood consolidation on the current timeframe.
For the Buyers:
This indicator currently does not incorporate any sort of chart visuals,panel integration,sending notifications e.tc.Later versions of the indicator shall be updated to fit the buyers taste,that is those who will purchase this indicator shall suggest the kind of modifications they need to be added for the then updated version.
Conclusion:
This indicator is one of the go-tools any technical trader has to use.The contradictory part is,it has to be the last confluence to use unless if you are using a multitimeframe signal alignment from it alone(minimum of 3 timeframes).
