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Neil Jon Harrington’s article, “Revisualizing the ADX oscillator”, introduced a re-imagining of the ADX indicator. Here is the formula to add that indicator to MetaStock.
Please note that the suggested colors are in comments and will not change the display. MetaStock 19 will prompt you for the input values when you plot the indicator in your chart. Click the Color/Style tab to set the color and tell MetaStock to display the indicator lines as histograms. If you click the Defaults button at the bottom of that tab, you can save your settings as the default, so you do not have to adjust the line style or colors when you add the indicator to other charts.
Dynamic ADX Histogram: Code:{aka. Harrington ADX Oscillator}
pds:= Input("ADX length", 2, 50, 10);
loth:= Input("Low Threshold", 5, 30, 15);
hith:= Input("High Threshold", 30, 60, 40);
spds:= Input("Smooth Length", 1, 5, 1);base:= ADX(pds);
smpdi:= Mov(PDI(pds), spds, s);
smmdi:= Mov(MDI(pds), spds, s);
netdmi:= smpdi - smmdi; {OB up - Cyan}
if(netdmi > 0 AND base >= hith and base > Ref(base, -1), base, 0);
{OB weak up - Dark Cyan}
if(netdmi > 0 AND base >= hith and base <= Ref(base, -1), base, 0);
{up - Green}
if(netdmi > 0 AND base >= loth AND base < hith AND base > Ref(base, -1), base, 0);
{weak up - Dark Green}
if(netdmi > 0 AND base >= loth AND base < hith AND base <= Ref(base, -1), base, 0);
{neutral up - Dark Gray}
if(netdmi > 0 AND base < loth, base, 0);
{neutral down - Black}
if(netdmi <= 0 AND base < loth, -base, 0);
{weak down - Dark Red}
if(netdmi <= 0 AND base >= loth AND base < hith AND base <= Ref(base, -1), -base, 0);
{down - Red}
if(netdmi <= 0 AND base >= loth AND base < hith AND base > Ref(base, -1), -base, 0);
{OS weak down - Dark Magenta}
if(netdmi <= 0 AND base >= hith and base <= Ref(base, -1), -base, 0);
{OS down - Magenta}
if(netdmi <= 0 AND base >= hith and base > Ref(base, -1), -base, 0);
William Golson
MetaStock Technical Support
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