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ADX w/Level by Daniel Chesler
Here are two indicators to assist readers in identifying some of the classic chart patterns, as discussed in Daniel Chesler's 'Identifying significant chart formations' elsewhere in this issue. Ideally, you will use one or both of the indicators in conjunction with other analytical techniques, such as trendlines, to identify trading opportunities on your charts.
The second TradeStation indicator plots the ADX as a histogram, as in Chesler's article. A horizontal line, which defines a conspicuously low ADX value, is also plotted. This indicator allows you to see the performance of the ADX, as well as visually identify its proximity to the specified level. A visual and audio alert is triggered whenever the ADX is below that level. The indicator code to be entered in the TradeStation Power Editor follows. Suggestions for the format settings for this indicator are given after the code.
Type: Indicator, Name: ADX w/Level
Inputs: ADXLen(14), Level(15);
IF Plot1 > Level Then
Else Begin Plot3(Level, "ADX_Level");
IF CheckAlert Then Alert = True;