No, Chris, I don't use it. I ran system tests with it, and with my own systems, at least, didn't find it helped much (probably just a case of the wrong systems). I used to watch it in QCharts, too, but came to rely on other indicators. That's not to say I won't find ADX useful in the future. For now, it's down in the basement somewhere, gathering dust.
Jeffrey Grover translated the indicator into a QP2 scan before it was added to the scan functions, btw.
Anyone else who wants to get to the bottom of it might consider reading "New Concepts in Technical Analysis," by the guy who came up with it, J. Welles Wilder. He explains it, step by step. In the same book, he explains parabolic SAR (a better indicator than ADX, some might say). The book's a classic. |
