OPEN-SOURCE SCRIPT
Updated Momentum Signals – Real-time (Repainting)
This indicator generates real-time BUY/SELL signals using a confluence of VWMA trend, 3-bar momentum, and volume, then filters them by a strength score.
⚠️ **WARNING:** This version **repaints**; signals can appear and disappear before the bar closes.
⚠️ **WARNING:** This version **repaints**; signals can appear and disappear before the bar closes.
Release Notes
Momentum Matrix Signals is a real-time indicator that finds BUY/SELL signals using a VWMA trend, 3-bar momentum, and a strength score. It allows for re-entries. ⚠️ WARNING: This version repaints; signals can disappear before a bar closes.Signal Scoring
A signal is only considered if it first meets two mandatory conditions: a 3-bar momentum trend and VWMA trend alignment.
If these are met, the signal is then scored from 0 to 5 based on a checklist of five factors:
- 2-Bar Trend: Confirms initial momentum.
- 3-Bar Trend: Confirms sustained momentum.
- VWMA Trend: Confirms main trend alignment.
- Volume Pressure (OBV): Confirms money flow.
- Volume Spike (RVOL): Confirms market interest.
A higher score indicates a stronger, higher-conviction signal.
Release Notes
Momentum Matrix Signals is a real-time indicator that finds BUY/SELL signals using a VWMA trend, 3-bar momentum, and a strength score. It allows for re-entries. ⚠️ WARNING: This version repaints; signals can disappear before a bar closes.Signal Scoring
A signal is only considered if it first meets two mandatory conditions: a momentum trend and VWMA trend alignment.
If these are met, the signal is then scored from 0 to 5 based on a checklist of five factors:
- 2-Bar Trend: Confirms initial momentum.
- 3-Bar Trend: Confirms sustained momentum.
- VWMA Trend: Confirms main trend alignment.
- Volume Pressure (OBV): Confirms money flow.
- Volume Spike (RVOL): Confirms market interest.
A higher score indicates a stronger, higher-conviction signal.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.