A full featured DMI with ribbons for clearer directional.
DMI is a combination of 3 different indicators developed by the famous J. Welles Wilder. DMI has 3 different plots: the ADX, +DI, and -DI. The first is the ADX (Average Directional Index), which Wilder created in 1978 to show the strength of a trend by comparing the current price with the previous price range. The other two are the +DI (positive directional indicator) and the -DI show up as two separate lines, +DI is the difference between the highest price of the current day and the highest price of the day before, and -DI does the same calculation with the current and previous day's lows. How does it work? When the ADX line is above 25 (as a general rule, some traders use a different threshold, +/- 5), the trend is strong. When the +DI line is above the -DI line, the asset (stock) is moving in an uptrend, and the opposite means the asset is in a downtrend. How is this different? —Uses multiple calculations to produce signals for an indicator than normally doesn't have any. —Multiple ADX's, +DI's, and -DI's for better accuracy and clearer direction changes. —Ability to use 2 different background highlight signals and several buy/sell signals. —Fully customizable (as always), ability to turn on or off any signals, change any of the colors to suit your needs. —Added pre-filled Alerts. —The ribbons created by the fill make it easier to see the change in direction of each plot.