PRO Momentum (advanced momentum indicator)

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PRO Momentum (advanced momentum indicator)

Postby Phil_RX » Thu Oct 22, 2015 5:42 am


PRO MOMENTUM is an highly advanced momentum indicator with an unique calculation formula far better than the classics RSI or MACD. It also includes 3 Stochastic engines which signals passes through a powerful filter algorithm to only show what needs to be seen ! The indicator itself is a perfect mix between smooth and zero lag. You’ll never get back to your RSI or MACD. The first is too harsh and the second is way too laggy but anyway if you don’t want to change you can of course use the classics instead (RSI, TSI, MACD, CCI, CMO are also available). The chosen indicator is linked to an oscillator (like an MACD) that analyses the strengh of every movement. As filtering the signals is the heart of PRO MOMENTUM, of course the oscillator also has its own signal filter, using multiple parameters that we’ll talk about later !

But the momentum indicator is just half of the indicator. As the PRO Bundle goal is to provide complex indications but with a clean looking on the chart, I needed to push a little further. Most of momentum traders are using Stochastics in addition to an RSI/MACD/TSI… in order to define overbough and oversold conditions. In that clean chart goal I tought about including them directly into one and only indicator. So there is a built in 3 stochastics engine that is detecting OB/OS situation in various degrees. Then the signal are of course filtered and displayed as dots directly on the indicator. They also appear on the top left corner as boxes that display the levels in realtime. Visual Alerts can be displayed in the Y axis (or not) when a signal is shown in the current trend direction. Cause there is a trend detection feature ! Coming along with a divergence detection algorythm !

Of course the PRO Bundle is also about full customisation so each function can be switched on and off ! The last addition is something really nice that I called the « Scalper Dot » which is actually a single dot displayed right next to the last candle when the oscillator filter is showing a low risk short term trend. This allows scalpers to rapidly identify which direction to trend to (or at least which not to trade against !). You can of course display the scalper dot and hide the oscillator, leaving the all area to the momentum itself !

This indicator is available here :
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