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Colored Dynamic Momentum Index DMI

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Published: 5 April 2024

Current version: 1.1

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Colored Dynamic Momentum Index DMI

Name: Colored Dynamic Momentum Index DMI
Rating: 5 (4 reviews)
Author: Flavio Javier Jarabeck

Indicators
Flavio Javier Jarabeck
Version: 1.1
Updated: 5 April 2024

If you are (or were) a fan of the RSI indicator will love Tushar Chande's Dynamic Momentum Index indicator, that simply put is a dynamic variable lenght RSI, so it is more powerful. The DMI indicator internally uses a variable number of bars in its calculations, taking into consideration the volatility levels of the current market you are analyzing. This way, the DMI indicator will use more bars as volatility decreases and less bars when volatility increases, giving you a more powerfull analysis over the Overbought and Oversold stages of the asset being analyzed.

If you want to be more in depth with this subject, please read Tushar Chande & Stanley Kroll book "The New Technical Trader" from Wiley Finance.

How to "READ" the Colored Dynamic Momentum Index (DMI)

Read as a RSI indicator, with traditionals levels set at 30 and 70. Of course, tweaking the settings will give you more accuracy analyzing your favorite asset. So try it!
Readings below 30 are a Oversold state, and above 70, an Overbought state.

SETTINGS

DMI period (number of bars to analyze)
DMI minimum number of bars to analyze. Default/Classic: 3 bars (days, if you are using daily charts)
DMI maximum number of bars to analyze. DefaultClassic: 30 bars (days, if you are using daily charts)
Standard Deviation period (number of bars). Default/Classiv: 5 bars (days, if you are using daily charts)
Standard deviation smoothing period (bars). Default/Classic: 10 bars (days, if you are using daily charts)
Overbought/Oversold levels.

If you like this indicator, all I am asking is a little Review (not a Comment, but a REVIEW!)...

This will mean A LOT to me... And this way I can continue to give away Cool Stuff for Free...

With No Strings Attached! Ever!

Live Long and Prosper!

;)

more...

soeuseidoni10 2024.09.08 09:49 #

Indicador excelente, será que plotar uma média móvel no gráfico baseado nele seria possível, você tem alguma sugestão?

2719

Detleff Böhmer 2024.04.18 09:39 #

Ein weiterer und sehr hilfreicher Indikator von Flavio, ich liebe Deine Indikatoren, DANKE!!!

1741

heiko v.piechowski 2024.04.17 11:32 #

Super and helpful tool, thank you

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The original author is David Weis, an expert in the Wyckoff Method. The Weis Wave is a modern adaptation of the 1930's Wyckoff Method, another expert in Tape Reading techniques and Chart Analysis. Weis Waves takes market volume and stacks it into waves according to price conditions giving the trader valuable insights about the market conditions. If you want to learn more about this subject you can find tons of videos in YouTube. Just look for "The Wickoff Method", "Weis Wave" and "Volume Spread

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Aggression Volume Indicator is the kind of indicator that is rarely found in the MQL5 community because it is not based on the standard Volume data provided by the Metatrader 5 platform. It requires the scrutiny of all traffic Ticks requested on the platform... That said, Aggression Volume indicator requests all Tick Data from your Broker and processes it to build a very special version of a Volume Indicator, where Buyers and Sellers aggressions are plotted in a form of Histogram. Additionally,

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If you heard about The Wyckoff Method, Volume Spread Analysis, etc... You are probably searching for the candlestick indicator that shows you the Volume spread all over the current bar, signaling every types of market status... You can control the several Market Levels with custom colors... It is up to you to decide how to use it. Our job is provide you with the indicator... If you like this indicator, all I am asking is a little Review (not a Comment, but a REVIEW! )... This will mean A

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Volume Weighted Average Price (VWAP) is a trading benchmark commonly used by Big Players that gives the average price a Symbol has traded throughout the day. It is based on both Volume and price. Additionally we put in this indicator the MVWAP (Moving Volume Weighted Average Price). For those who do not know the usage and the importance od this indicator I recommend a great article about this subject at Investopedia ( https://www.investopedia.com/articles/trading/11/trading-with-vwap-mvwap.asp )

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The Market Momentum indicator is based on the Volume Zone Oscillator (VZO), presented by Waleed Aly Khalil in the 2009 edition of the International Federation of Technical Analysts journal, and presents a fresh view of this market valuable data that is oftenly misunderstood and neglected: VOLUME. With this new approach of "seeing" Volume data, traders can infer more properly market behavior and increase their odds in a winning trade. "The VZO is a leading volume oscillator; its basic usefulnes

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Several assets in several markets have the behavior of using specific numbers as Force Numbers, where support, resistance and price thrust is created. Let this indicator draw those levels of support and resistance for you. You can also stack it to show different level of Prices! This technique is being used by Tape Readers and Order Flow traders all over the world for a long time. Give it a try. Challenge yourself to study new ways of Price Action! SETTINGS What Price reference to use in th

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Wyckoff fans, enjoy! Ideally to be used with the Weis Waves indicator, but it can be easily used alone, the Waves Sizer puts the range (in resulting Price movement) done by the Price on its market swings. You can control how accurate or loose will be the swings. This tool is very helpful for visually know how much the Price has traveled in your Timeframe. This way you can confront this level of effort with the resulting Volume, etc... Weis Waves indicator: https://www.mql5.com/en/market/pro

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Many friends asked me for a simple, non-obtrusive, resource-friendly clock to track the time during their trades. It seems pretty obvious, but it is a must-have for those trading the market manually, waiting for the Market News, or just to visually know what time it is... Trading is an absorbing endeavor! So, here it is... Totally configurable, including Font Type, Font Size and Chart Location: Upper Left/Center/Right OR Lower Left/Center/Right, with a little twist of adjusting the Offset, just

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Value Chart indicator presents the Price evolution in a new form. This indicator, Price Momentum , was developed taking all the calculations presented in the book " Dynamic Trading Indicators " by Mark W. Helweg and David Stendahl (2002). The technique involves de-trended Prices from a user-defined Period of analysis and the addition of a Volatility index correction. The result is an Oscillator with 3 zones: Fair Price Value, Overbought/Oversold and Extremely Overbought/Oversold zones. Adding th

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Based on Brazilian trader André Moraes' Difusor de Fluxo theory, the indicator is a more reliable version of the original MACD. It is a great confirmation indicator for Swing Trading and also can be used as a Day Trading tool. If you are not familiar with the concept or André's trading strategies, I strongly recommend his excelent book named "Se Afastando da Manada" in which he explains in detail how this indicator is used. Even if you don't know the Portuguese language it is not difficult to un

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You probably heard about Candlesticks behaviors, which in most of the times could denote and trace Volume behaviors even if you are not watching Volume itself... Well, this indicator will do this. Naked traders love to rely solely on candlesticks patterns and with Candle Zones you can trap special patterns and DRAW THEM on your chart. As simple as that. There are several filters you can tweak in order to achieve the analysis you want. Just give it a try. After several months of testing, we think

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For those who hate candlesticks in lower timeframes (M1 through M15) we "invented" a clean new way to follow Price movement and displacement (volatility) called Price Trail Chart . The big "secret" is to get rid of those annoying candle wicks and draw the whole complete candle without them, this way we get a cleaner chart and a new view of the Price Path. No Open or Close markings, just LOW's and HIGH's, full body candle. Additionaly we inserted a Volume monitor from our Best Downloaded indicat

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ATR is a measure of volatility introduced by market technician J. Welles Wilder Jr. in his book, "New Concepts in Technical Trading Systems". In general, traders are accustomed to seeing the ATR in the form of a sub-window indicator. What I am presenting here is a simplified version of ATR - just the current ATR number - very useful for monitoring just the very moment of the current chart. If you want to monitor several timeframes in the same chart, just add the ATR Monitor indicator several tim

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35 USD

The concept is simple: Plotting Price behavior within several periods of time. Some Symbols behave very well during the trading day - with this I mean Intraday trading - and this behavior ends up plotting effectively well with the proposed Exponential Moving Averages in this indicator... Obviously that this behavior could not be seen in all Symbols, but you can give it a try... Just drop this indicator in a chart and you will see for yourself... This indicator is intended for "Feeling the Trend

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ATR Monitor ATR is a measure of volatility introduced by market technician J. Welles Wilder Jr. in his book, "New Concepts in Technical Trading Systems". In general, traders are accustomed to seeing the ATR in the form of a sub-window indicator. What I am presenting here is a simplified version of ATR - just the current ATR number - very useful for monitoring just the very moment of the current chart. And, by default, this indicator will not show up on screen, you can just use the buffers thems

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For those who use the Trading Arrows on the chart for later study, but use the Triple Screen approach and got all those arrows everywhere on all additional charts, here it is: Arrows Cleaner! Just drop it on the chart and leave it there. When needed, just with 1-click you get rid of all those annoying arrows... SETTINGS You can position the little Button on any corner of the chart. Additionally you can displace it with the Offset settings. You can enlarge or shrink its size, as well as the tex

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Minions Labs' Candlestick Pattern Teller It shows on your chart the names of the famous Candlesticks Patterns formations as soon as they are created and confirmed. No repainting. That way beginners and also professional traders who have difficulties in visually identifying candlestick patterns will have their analysis in a much easier format. Did you know that in general there are 3 types of individuals: Visual, Auditory, and Kinesthetic? Don't be ashamed if you cannot easily recognize Candlest

35 USD

Easily get all relevant economic events of the current day right into your chart, as markers. Filter what kind of markers do you want: by country (selected individually) and by Importance (High relevance, Medium, Low or any combination of these). Configure the visual cues to your liking. Additionaly you have the ability to add up to 5 personal markers of your own agenda. With Alerts and/or with blackout periods, if you are using it within an Expert Advisor! All in one Economic Calendar indicator

35 USD

The Metatrader 5 has a hidden jewel called Chart Object, mostly unknown to the common users and hidden in a sub-menu within the platform. Called Mini Chart, this object is a miniature instance of a big/normal chart that could be added/attached to any normal chart, this way the Mini Chart will be bound to the main Chart in a very minimalist way saving a precious amount of real state on your screen. If you don't know the Mini Chart, give it a try - see the video and screenshots below. This is a gr

35 USD

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soeuseidoni10 2024.09.08 09:49 #

Indicador excelente, será que plotar uma média móvel no gráfico baseado nele seria possível, você tem alguma sugestão?

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Reply from developer Flavio Javier Jarabeck 2024.09.08 13:53 #

você mesmo pode inserir uma média do mt5 ali, basta arrasta-la para o indicador.

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Detleff Böhmer 2024.04.18 09:39 #

Ein weiterer und sehr hilfreicher Indikator von Flavio, ich liebe Deine Indikatoren, DANKE!!!

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Reply from developer Flavio Javier Jarabeck 2024.04.18 13:04 #

Thanks for your support Detleff!

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heiko v.piechowski 2024.04.17 11:32 #

Super and helpful tool, thank you

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Reply from developer Flavio Javier Jarabeck 2024.04.17 20:49 #

I'm glad you liked it! ;)

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Findolin 2024.04.08 21:56 #

Very good and helpful indicator. Thank you very much!

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Reply from developer Flavio Javier Jarabeck 2024.04.17 20:49 #

I'm glad you liked it! Thank you! ;)

Version 1.1 2024.04.05

:: Little bug-fix pointed by one of our fans.