Clean ADX with bidirectional Breakout Volume — Indicator by chervolino

averagedirectionalindex volumestudies forecasting che adx breakout

The default Average Directional Index (ADX) helps traders determine the strength of a trend, not its actual direction. The Clean ADX helps traders determine the strength of a trend on a longer time, and the possible direction on different timeframes.

The bidirectional Breakout Volume determines both directions of breakout or breakdown volume. When volume is high by comparing the previous volume high over n periods to the current volume or when volume is lower by comparing the previous volume low over n periods to the current volume.
If the current volume exceeds the previous volume high or low, then the indicator columns will turn red or green.

This indicator should make trading easier and improve analysis. Nothing is worse than indicators that give confusingly different signals.

The combination of the first and second indicator therefore makes perfect sense to me and now you are able to find your long or short trends earlier.

I hope you enjoy my new ideas

best regards

Chervolino

Open-source script

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.

Disclaimer

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