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How to read ADX correctly for CHOP
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Created: by perryg Attachments:4

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How to read ADX correctly for CHOP

  #1 (permalink)
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How to read ADX correctly for CHOP

Normally people us the ADX for trading and put a Threshold number of 20 or 25, so that if you are BELOW this number you do not take the trade.

The correct way to use the ADX indicator is NOT to trend trade when the ADX is BELOW BOTH the +DI and the -DI lines. See attached chart. This has nothing to do with a Threshlod number of 20 or 25 or 15. It is solely based on the +DI and -DI lines.

I would like someone to add the attached NT indicator DM, the possibility of putting a little box up on the chart when the ADX is BELOW BOTH the -DI and +DI. The box should be coloured RED with "NO TRADE" and GREEN with "TRADE".

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How to read ADX correctly for CHOP-adx-chop.png  
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  #2 (permalink)
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  #3 (permalink)
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perryg:

I have downloaded the .cs file and compiled. No box is showing? Is that a seperate indicator?

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There is no box. I would like someone to program the box in this indicator, and put in in the panel of the indicator or on the chart.

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  #5 (permalink)
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Duh! My Fault!

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  #6 (permalink)
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Here ya go Perry.

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Hello eDanny,

Thanks for your hard work. I have tested it as it seems to work just fine. Its just what the doctor ordered.

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  #8 (permalink)
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The following original code is complements of eDanny - Great Work!

I can't leave well enough alone - hugh fault of mine. No, I have no idea what I am doing, just trying some very simple logic after looking at the original code.

Could someone tell me if the following code change is correct (see code below)? I am attempting to write "Chop" when the ADX is below both DI+&- or if the ADX is above both the DI+&- to write End Trend (yes, I understand that this should be used for a heads-up, not always literal). Finally, if neither of those conditions are true, then write "Trade".

if(Value[0] < DiPlus[0] && Value[0] < DiMinus[0])
DrawTextFixed(
"ADX", "CHOP!", TextPosition.TopLeft, Color.White, new Font("Ariel",12), Color.Black, Color.Red, 15);
else
DrawTextFixed("ADX", "Trade!", TextPosition.TopLeft, Color.White, new Font("Ariel",12), Color.Black, Color.Green, 15);

if(Value[0] > DiPlus[0] && Value[0] > DiMinus[0])
DrawTextFixed(
"ADX", "End Trend!", TextPosition.TopLeft, Color.White, new Font("Ariel",12), Color.Black, Color.Yellow, 15);

else
DrawTextFixed("ADX", "Trade!", TextPosition.TopLeft, Color.White, new Font("Ariel",12), Color.Black, Color.Green, 15);

Forgive me if this is the wrong place to post this!

Again, great work eDanny and perryg

Thanks!

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YOu have the right idea. I tried myself to do this exact thing that you are trying. i.e. to add to the indicator the "possible End of Trend, or Topping" as per my explanations. I wrote the same code but it did not work for me. We again need the help of a professional coder.

Good thinking !!

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  #10 (permalink)
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Affliction,

Here is the corrected version which will show also "End Trend". I just could not let it go once I saw your post.

One warning, the "End Trend", is a WARNING of a possible TURN in the Trend. Watch the ADX line TURN DOWN. This is the final warning when this happens.

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