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If you like using the Directional Movement Indicator, you're gonna
love this.....
Open this indicator in a new pane and use on 1 or 5 minute data. It
shows higher time frame trends: green = UP, red = DOWN.
There are two parameters:
1. DMI length
2. Show 15 and 30min also?: 0 = Don't add these in, 1 = Show them as
well
Default is DMI of 2 on hourly, 4 hourly and 12 hourly data.
I really like this one, as it shows me what the major trends are
doing at any one time. DMI is much more sensitive than EMAs, etc...
Just look over your data and see how the major trend always affects
the minor trend in the end. This is like having a compass and a map
at sea!
Have fun and post your comments.
Cheers,
Alex
=======================================================================
_SECTION_BEGIN("MultipleFrameDMI");
// Programmer: (C) Alex Chambers, June 2007
// For Amibroker - just insert into a NEW BLANK pane
// I, Alex Chambers, am not responsible for any results you may have
from the use of this indicator
// You must evaluate yourself the potential for gains AND losses
// Please include this and/or any other comment description of any
changes you make.
a = 0;
Plot(a,"",colorWhite); // This creates enough chart
space for the rectangles
SetChartOptions(0,chartShowArrows|chartShowDates|chartWrapTitle);
Plot( C, "Close", ParamColor("Color", colorBlack ), styleNoTitle |
ParamStyle("Style") | GetPriceStyle() );
f = Param("DMI length",2,2,20,1);
Opt = Param("Show 15 and 30min also?",1,0,1,1);
TimeFrameSet(in15Minute);
eVal = PDI(f);
fifPDI = Ref(eval,1); /// Push back by one so on right one
eVal = MDI(f);
fifMDI = Ref(eval,1); /// Push back by one so on right one
TimeFrameRestore();
TimeFrameSet(2*in15Minute);
eVal = PDI(f);
thirPDI = Ref(eval,1); /// Push back by one so on right one
eVal = MDI(f);
thirMDI = Ref(eval,1); /// Push back by one so on right one
TimeFrameRestore();
TimeFrameSet(12*inHourly);
eVal = PDI(f);
twPDI = Ref(eval,1); /// Push back by one so on right one
eVal = MDI(f);
twMDI = Ref(eval,1); /// Push back by one so on right one
TimeFrameRestore();
TimeFrameSet(4*inHourly);
eVal = PDI(f);
frPDI = Ref(eval,1); /// Push back by one so on right one
eVal = MDI(f);
frMDI = Ref(eval,1); /// Push back by one so on right one
TimeFrameRestore();
TimeFrameSet(inHourly);
eVal = PDI(f);
hrPDI = Ref(eval,1); /// Push back by one so on right one
eVal = MDI(f);
hrMDI = Ref(eval,1); /// Push back by one so on right one
TimeFrameRestore();
twPDIexp = TimeFrameExpand(twPDI,12*inHourly);
twMDIexp = TimeFrameExpand(twMDI,12*inHourly);
ColTW = IIf(twPDIexp > twMDIexp,colorGreen,colorRed);
wrdTW = WriteIf(twPDIexp > twMDIexp,"BULLISH","BEARISH");
frPDIexp = TimeFrameExpand(frPDI,4*inHourly);
frMDIexp = TimeFrameExpand(frMDI,4*inHourly);
ColFR = IIf(frPDIexp > frMDIexp,colorGreen,colorRed);
wrdFR = WriteIf(frPDIexp > frMDIexp,"BULLISH","BEARISH");
hrPDIexp = TimeFrameExpand(hrPDI,inHourly);
hrMDIexp = TimeFrameExpand(hrMDI,inHourly);
ColHR = IIf(hrPDIexp > hrMDIexp,colorGreen,colorRed);
wrdHR = WriteIf(hrPDIexp > hrMDIexp,"BULLISH","BEARISH");
fifPDIexp = TimeFrameExpand(fifPDI,in15Minute);
fifMDIexp = TimeFrameExpand(fifMDI,in15Minute);
ColFIF = IIf(fifPDIexp > fifMDIexp,colorGreen,colorRed);
wrdFIF = WriteIf(fifPDIexp > fifMDIexp,"BULLISH","BEARISH");
thirPDIexp = TimeFrameExpand(thirPDI,2*in15Minute);
thirMDIexp = TimeFrameExpand(thirMDI,2*in15Minute);
ColTHIR = IIf(thirPDIexp > thirMDIexp,colorGreen,colorRed);
wrdTHIR = WriteIf(thirPDIexp > thirMDIexp,"BULLISH","BEARISH");
if (Opt==0)
{
t = HHV(H,BarCount);
a = t / 4;
PlotShapes(shapeSquare,ColHR,0,a*3,0);
PlotShapes(shapeSquare,ColFR,0,a*2,0);
PlotShapes(shapeSquare,ColTW,0,a,0);
Title = "Hourly "+wrdHR+" 4 Hourly "+wrdFR+" 12
Hourly "+wrdTW+" DMI = "+f;
}
else
{
t = HHV(H,BarCount);
a = t / 6;
PlotShapes(shapeSquare,ColFIF,0,a*5,0);
PlotShapes(shapeSquare,ColTHIR,0,a*4,0);
PlotShapes(shapeSquare,ColHR,0,a*3,0);
PlotShapes(shapeSquare,ColFR,0,a*2,0);
PlotShapes(shapeSquare,ColTW,0,a,0);
Title = "15min "+wrdFIF+" 30min "+wrdTHIR+" Hourly
"+wrdHR+" 4 Hourly "+wrdFR+" 12 Hourly "+wrdTW+" DMI =
"+f;
}
_SECTION_END();
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