RiverFlow ADX Screener
Apr 20, 2023
The RiverFlow ADX Screener indicator provides a multi-timeframe dashboard that combines Donchian Channels and the Average Directional Index (ADX/DMI) to identify and confirm trend strength across various intervals.
Usage
The tool is designed for intraday and long-term traders to identify high-probability entries based on trend and momentum alignment.
- Bullish Scenario: Look for an ADX crossover where the +DI (Green) crosses above the -DI (Red) while the Donchian Trend and the 200 EMA are bullish.
- Bearish Scenario: Look for an ADX crossover where the -DI (Red) crosses above the +DI (Green) while the Donchian Trend and 200 EMA are bearish.
- Screener Table: The table displays data for timeframes ranging from 5 minutes to 1 day.
- Chart Column: Represents the 200 EMA status (Green for price above, Red for price below).
- Don Column: Shows the time since the last Donchian Trend change. Green indicates an uptrend, red indicates a downtrend.
- ADX Column: Displays the current ADX value. Colors indicate trend strength (Green/Red) or sideways movement (Grey).
- Cross Column: Shows the number of bars since the last DI crossover.
Details
The "RiverFlow" concept relies on the confluence of trend direction and trend strength.
- Donchian Channels: Used to establish the price trend direction based on breakouts of the recent high or low.
- ADX/DMI: Used to measure the intensity of the move. A threshold (default 20) is used to distinguish between trending and sideways markets.
- Sideways Detection: When the ADX value is below the threshold, a consolidation channel is plotted. Trading within this "sideways" region is generally avoided to prevent whipsaws.
Settings
- Donchian Length: Sets the lookback period for the Donchian Channel (default is 20).
- ADX Threshold: Sets the level at which the ADX is considered to indicate a trending market (default is 20).
FAQ
How do I use the ADX area on the chart?
The background area represents ADX strength, while the Green (+DI) and Red (-DI) lines show directional movement. The area around the threshold line highlights the current trend direction.
What timeframes are supported by the screener?
The screener tracks the 5M, 15M, 30M, 1H, 4H, and 1D intervals to provide a comprehensive view of market structure.
How can I access this tool?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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