This Multi-timeframe DM Indicator allows trend assessment at a glance right next to the price bar. It can be used to show current chart DM information, but it's real power is to show DM from a higher-level guide chart on the trigger chart.
The number and color codes can be used to determine:- Strength of trend
- Direction of trend
- Whether the trend is strengthening or weakening
DM is useful (particularly with data from a higher-level guide chart) in both trend and reversal trading.
Trend trades:- Can warn that the trending level is too low for successful trend trading
- Can be used as part of the trigger
Reversal trades:- Can warn that the trending level is too high for successful reversal trading
For an example of its use in a trend setup see:
https://nexusfi.com/ninjatrader/32612-newcomer-bearing-gifts.html
Like any indicator, it is best used with other indicators and price-action to find confluences.
Re the comment on resource usage -- this was my fault not the programmer's. I wanted to be able to decide instantly when the situation was changing. I have a mega i7 that does nothing but trade and has no problem with anything I throw at it (at least so far). If computer resources are a problem, the indicator can be set to "CalculateOnBarClose=True" (see the Data settings in the picture above) to avoid evaluating each incoming tick, but it could cost a a tick/pip or so on the entry now and then. I day-trade with an average hold time of about 28 minutes so I can't afford to wait for bar closes. For longer-term trading, you'd definitely want to use "COBC=True."
Category NinjaTrader 7 Indicators
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