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The April issue of Active Trader magazine had an article by Tom Bierovic
discussing using a DMI spread indicator to monitor what he calls "reverse
divergence" with price. It looks interesting and I would like to experiment
with it intraday.
I would appreciate some help creating an .ela indicator which creates a line
plot above and below a zero line of the spread (difference between) the +DMI
and the -DMI.
According to the article, "the indicator is calculated by subtracting
the -DMI from the +DMI. When +DMI is greater than -DMI, the DMI spread will
be positive (greater than zero), and when -DMI is greater than +DMI the
spread will be negative (less than zero).
I don't know length DMI Mr. Bierovic is using but with an input for that
length it could be tested at different lengths. (Normally the DMI length
input is 14...some use a shorter length however).
Thank you in advance for your consideration and assistance.
LD
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