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Ultimate Momentum Indicator [CC]

This is a custom indicator of mine loosely based on the work by Steve J Godwin & Louisa C Schneider (Stocks and Commodities Feb 2021 pg 22) and this works pretty well at anticipating future price swings as the momentum falls. The idea I was going for was to introduce the idea of reversals in combination with a momentum indicator so you can better identify peaks and valleys. I have included strong buy and signals in addition to normal ones so darker colors are the strong buy and sell signals and lighter colors are the normal ones. I would recommend to buy when the line turns green and sell when it turns red.

Let me know if there are any other indicators you would like me to publish!
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?

Kommentare

Have you tried on different timeframes? On which one you have better results? thanks
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@horca17, That really depends on the underlying stock itself because I have noticed that different stocks seem to work better with different timeframes. That being said you can always do a slow timeframe combined with a fast timeframe to see when they crossover
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Very Nice One Brother.
Can you Plot it with RSI
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cheatcountry Aryan-Anand
@Aryan-Anand, My script already uses the rsi as part of the calculation
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Nice one! :)
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cheatcountry AtomOfScent
@AtomOfScent, thank you!
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