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Implementation of the Average Directional Movement Index (ADX) indicator, described in the book “New concepts of technical trading Systems” by Wells
Wilder. The indicator displays the position opening points on the chart in the form of arrows.

Input parameters:

  • InpADXPeriod – period of the ADX indicator;
  • Lev – the level that the ADX line must cross in order to receive a signal to open a position.

Condition for opening a long position:

  • The DI line is higher than -DI;
  • The ADX line crosses the level set by the Lev variable from bottom to top.

It is shown by the green up arrow.

Condition for opening a short position (red down arrow):

  • The-DI line is higher than the DI line;
  • The ADX line crosses the level set by the Lev variable from bottom to top.

It is shown with a red down arrow.

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Published

08 May 2013

Updated

Current Version

1.0

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