Dual SuperTrend, Ichimoku and DMI Color Weighted

The Dual SuperTrend, Ichimoku and DMI Color Weighted indicator provides a comprehensive trend analysis environment by integrating three primary technical analysis concepts into a single visual framework. By combining the momentum tracking of SuperTrend, the support/resistance insights of the Ichimoku Cloud, and the trend strength measurements of the Directional Movement Index (DMI), this tool allows for highly filtered trend identification and breakout detection.

Usage

The script utilizes a layered approach to visualize market sentiment and trend strength:

• Ichimoku-Colored SuperTrend: The primary SuperTrend line changes color based on the price relation to the Kumo Cloud. It appears green when price is above the cloud, red when below, and black/neutral when within the cloud. The color intensity is further modified by Tenkan-Sen and Kijun-Sen (TK) crosses.
• DMI-Colored SuperTrend: A secondary SuperTrend line reflects the Directional Movement Index. It utilizes ADX to determine trend strength and DI+/DI- for direction.
• Direction Markers: Triangle shapes appear at the top of the chart to signal DMI bias. Green triangles indicate a strong bullish trend (ADX ≥ 25), while red triangles signal a strong bearish trend. Yellow or black triangles represent weak or non-existent trends based on ADX thresholds.
• SuperTrend Breakouts: The indicator highlights specific bars where price action fully breaks through both SuperTrend levels simultaneously, marking potential high-conviction entries.
• Volume Weighted Bars: When enabled, candle colors are adjusted based on volume relative to a moving average, helping traders distinguish between high-conviction moves and low-volume volatility.

Details

This tool implements a "Color Weighted" logic where the visual intensity of the indicators is tied to secondary confirmation signals. For example, the SuperTrend's color isn't just binary; it deepens when momentum (TK Cross or ADX rising) aligns with the primary trend direction.

The Ichimoku component simplifies the traditional "busy" cloud by projecting its bias onto the SuperTrend line and the background, while the DMI component filters out "choppy" price action by requiring a specific ADX threshold before signaling a strong trend.

Settings

Display · Visual Layers

• Ichimoku SuperTrend: Toggles the first SuperTrend line and its ATR parameters.
• DMI SuperTrend: Toggles the second SuperTrend line and its ATR parameters.
• DMI Direction Markers: Enables the triangle trend icons at the top of the chart.
• Ichimoku Cloud (Kumu): Displays the actual Leading Span A and B cloud.
• Volume Colored Bars: Enables candle coloring based on volume participation.

Display · Highlights & Events

• SuperTrend Breakouts: Highlights bars that breach both SuperTrend lines.
• SuperTrend Trend Cloud: Fills the area between the two SuperTrends when they align in direction.
• Ichimoku / DI Crosses: Marks specific TK and DI crossover points on the chart.

Statistics Panel · Layout

• Enable Statistics Panel: Toggles the dashboard showing real-time momentum (RSI, Stoch, MACD) and trend data.
• Text Size: Adjusts the panel's visual scale.

Technical Parameters

• Directional Movement (ADX/DI): Configure lengths and thresholds for trend strength (Strong vs. Weak).
• Ichimoku Cloud: Adjust Tenkan, Kijun, and Span B lengths along with displacement.
• Volume Participation: Set the moving average length and multipliers for high/low volume detection.
• Momentum Indicators: Custom settings for the internal RSI, Stochastic, and MACD used in the stats panel.

FAQ

How do I interpret the different SuperTrend colors? The colors are derived from the Ichimoku Cloud or DMI status. Green indicates bullish alignment with those indicators, red indicates bearish alignment, and neutral colors (blue/black) indicate price is within the cloud or the trend is weak.

What triggers a "SuperTrend Breakout" signal? A breakout is highlighted when the price closes beyond both the Ichimoku-weighted and DMI-weighted SuperTrend lines, suggesting a unified trend shift.

How can I access Dual SuperTrend, Ichimoku and DMI Color Weighted? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.