MA MTF Momentum Histogram

9. Okt. 2020

My own interpretation indicator which i call multi time frame moving averages momentum with NO LAG EMA support (Optional).
The indicator is calculated by subtracting the long-term EMA from the short-term EMA .

This pretty much resembles the MACD moving averages calculation but without the smoothing of the histogram.

Can also be used to find divergences.

The background shows the main trend with higher time frame which can be set in the settings.
Aimed to use with Higher time frame (Double or more) but can also work with lower time frame.

How to use the indicator?

==Histogram==
Green: Momentum of asset is positive and increasing.
Lighter Green: Momentum of asset is still positive but decreasing and can revert to negative momentum.
Red: Momentum of asset is negative and increasing.
Lighter Red: Momentum of asset is still negative but increasing and revert to positive momentum.

==Background Color - Main Trend==
Green: HTF (Higher time frame) momentum is positive.
RED: HTF momentum is negative.

Feel free to comment and Follow to stay updated with upcoming scripts: tradingview.com/u/dman103

NOTE: BARS ARE COLORED BY DEFAULT WITH HISTOGRAM COLORS! (Can be changed in settings)

10. Okt. 2020

Versionshinweise

Added AUTO Higher time frame selection with multiplier or user defined.

15. Nov. 2020

Versionshinweise

Added different selection of moving averages including HMA, JMA, SMMA, VAMA and more,(Default EMA).
Note: I am considering to make a NEW variation (V2) of this script, Follow me to get notified.
Enjoy :)

3. Feb. 2022

Versionshinweise

Added Buy/Sell Alerts. BUY alert when histogram crosses over zero line, SELL alert when histogram crosses under zero line.
Upgrade to Pinescript v5 from v4
Optimized code.
Improved settings usability.