DMICustom (Function)
DisclaimerThe DMICustom series function returns the directional movement index (DMI) for a security.
Syntax
DMICustom(PriceH,PriceL,PriceC,Length)
Returns (Double)
A positive numeric value for the current bar.
Parameters
|
Name |
Type |
Description |
|
PriceH |
Numeric |
Specifies which bar value (price, function, or formula) to use for the directional movement high price. |
|
PriceL |
Numeric |
Specifies which bar value (price, function, or formula) to use for the directional movement low price. |
|
PriceC |
Numeric |
Specifies which bar value (price, function, or formula) to use for the directional movement close price. |
|
Length |
Numeric |
Sets the number of bars to consider for the directional movement index plus calculation. |
Remarks
DMICustom attempts to measure the trending quality of a security independent of direction. The greater the DMICustom value, the stronger a security is trending. DMICustom does not indicate direction.
DMICustom provides added flexibility over the normal DMI function by allowing you to specify what High, Low, and Close values to use. This is generally used to reference multi-data elements other than Data1.
The DirMovement function calculates the DMICustom value.
The value for the Length input parameter should always be a whole number greater than 0.
Example
Assigns to Value1 the DMICustom value of the second data element in a chart (Data2), High of Data2, Low of Data2, Close of Data2, where the average length is 14 bars, then plots Value1:
Value1 = DMICustom(High of Data2, Low of Data2, Close of Data2,14);
Plot1(Value1, "DMICus");
Reference
Wilder, J. Welles, Jr. New Concepts in Technical Trading Systems (Greensboro, NC: Trend Research, 1978).