PROTECTED SOURCE SCRIPT
Updated Unnormalized Implicit Momentum
[Experimental] The oscillator takes an alternative measure of the price's momentum and provides a threshold from its dispersion to locate a trend. Implicit as it is not a direct measure of the momentum but is derived from it. Once this function closes above the threshold, a trend is set as suggested by the colour of the momentum. Normalized version may soon also be released though it may prove not be as effective in trend trading (e.c RSI isn't particularly helpful for trend trading).
It'll print bull or bear to suggest which type of trade to take. Use in confluence with your own system.
There is a positive correlation between the rate and TF so for HTF's choose a higher rate. I haven't yet found a relationship for other variables so play around with the inputs.
It'll print bull or bear to suggest which type of trade to take. Use in confluence with your own system.
There is a positive correlation between the rate and TF so for HTF's choose a higher rate. I haven't yet found a relationship for other variables so play around with the inputs.
Release Notes
- Small fix with default coloursRelease Notes
Updated for version 5.Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.