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(EFS) Guage ADX

5. May 2010
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eSignal Study:  The ADX indicator measures the strength of a trend and can be useful to determine if a trend is strong or weak. High readings indicate a strong trend and low readings indicate a weak trend.

Often we don't care the history of the ADX, but merely the current value and if it is above a certain threshold. This indicator displays the ADX value on the chart (as shown in the example image) and color codes it to show if it is above or below the customizable threshold.

Optionally, the script can color-code the bars as to the state of the ADX.  If above the threshold level, then green, if below, then red. In the example image, the threshold is set to "20" (configurable), so if the ADX is below 20, then it colors the bars red, otherwise green.

IMPORTANT: This script requires the neoLibrary.efsLib.  You can download it here (free).

 


  
 

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