zerocashcool

ADX Screener

// Identify potential trend reversals using ADX on up to 40 crypto assets.
// ADX shows the strength of a trend, not the direction.
// By monitoring the difference of ADX values between candles, you can potentially identify reversals before they happen.
// A strong trend has a 14 period ADX slope increasing .5 or more from the prior candle.
// At a minimum, a weak trend has a 14 period ADX slope of +.25 or less, and strictly it would be decreasing.
// This indicator prints one row for each asset with three columns for ADX differences one candle back each.
// The asset name is colored green or red dependent on whether +DI > -DI or not.

The market was in a down trend ( -DI > +DI ).

A bullish wave moved price up to EMA 8 resistance with strong ADX momentum ( ADX diff of prior candle >= 0.5).

A Spinning Top showed that the trend was losing momentum ( ADX diff lower than previous candle, showed the bullish wave losing momentum).

A Morning Star bearish reversal pattern draws resistance at the high of the pattern. ( ADX Bullish momentum exhausted).

Symbol: -DI > +DI
2: Strong momentum
1: Losing momentum ( spinning top )
0: Trend reversal ( bearish engulfing pattern)

Skrip open-source

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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