About the 10X Bars
What is it?
The 10X Bars Indicator was developed by Simpler as a way to monitor trend quality and strength.
The 10X bars will either plot green, yellow, or red based on the underlying calculation of the ADX and DMI indicators, respectively.
Green bars indicate conviction and trend to the upside. Red bars indicate conviction and trend to the downside. Yellow bars indicate no strong directional conviction.
Bars that show a dot indicate 30% above average volume on that time-frame, indicating stronger conviction to the move.
How we use it?
We use the 10X Bars as a way to quickly understand the trend quality and strength based on a more complex underlying calculation of the ADX and DMI. The 10X Bars take that calculation that we would have to normally have as a separate set of indicators and puts that information directly on your charts so the decision making becomes simple.
We want to trade in the direction of the 10X Bars as that gives us the best probability of success to trade. For yellow bars, we want to either avoid those setups or trade them in a non-directional manner until a directional conviction is established.
The 10X Bars work as a great complement to the squeeze as they can serve as either confirmation to stay in a trending symbol or as an early sign to GTFO (Get The Funds Out)
Combining this information from the 10X Bars with volume further strengthens the signal because, as John Carter would say, “momentum + volume is magic.”
I can't see the volume dots for the 10x indicator on my chart in Tradestation
10X Bars - Settings
10x scans to use in TOS
About - Multi 10X
How to Configure a Multi-Time Frame label study on TOS
FAQ: Frequently used scans using the Simpler Scanner.
About - Trend Strength Candles Turbo