This indicator give ADX trend signals associated with Volatility expansion at the same time.
If the histogram is red, DIminus is above DIplus and if its green, DIminus is under DIplus and the trend is bullish.
The oscillation are made by multiplying the ADX value to Bollinger Bands bandwidth, so you can have a rough idea of the trend force (volatility).
I stumble upon this MT4 indicator while browsing information on the web to help someone making an ADX screener, so here it is converted for prorealtime.
//PRC_Waddah Attar ADXxBollinger | indicator
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
// --- settings
//ADXPeriod = 13
// --- end of settings
adx0 = adx[ADXPeriod]
adx1 = diplus[ADXPeriod](weightedclose)
adx2 = diminus[ADXPeriod](weightedclose)
explo = BollingerUp[BandsPeriod](close)-BollingerDown[BandsPeriod](close)
if adx1>=adx2 then
return adx0*explo coloured(r,g,0) style(histogram) as "ADXxBollinger"
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