OPEN-SOURCE SCRIPT
Multi-Timeframe Momentum Indicator [Ox_kali]
The Multi-Timeframe Momentum Indicator [Ox_kali] is a trend analysis tool designed to examine market momentum across various timeframes on a single chart. Utilizing the Relative Strength Index (RSI) to assess the market’s strength and direction, this indicator offers a multidimensional perspective on current trends, enriching technical analysis with a deeper understanding of price movements. Other oscillators, such as the MACD and StochRSI, will be integrated in future updates.
Regarding the operation with the RSI: when its value is below 50 for a given period, the trend is considered bearish. Conversely, a value above 50 indicates a bullish trend. The indicator goes beyond the isolated analysis of each period by calculating an average of the displayed trends, based on user preferences. This average, ranging from “Strong Down” to “Strong Up,” reflects the percentage of periods indicating a bullish or bearish trend, thus providing a precise overview of the overall market condition.
Key Features:
List of Parameters:
the Multi-Timeframe Momentum Indicator [Ox_kali], stands as a comprehensive tool for market trend analysis across various timeframes, leveraging the RSI for in-depth market insights. With the promise of future updates including the integration of additional oscillators like the MACD and StochRSI, this indicator is set to offer even more robust analysis capabilities.
Please note that the MTF-Momentum [Ox_kali] is not a guarantee of future market performance and should be used in conjunction with proper risk management. Always ensure that you have a thorough understanding of the indicator’s methodology and its limitations before making any investment decisions. Additionally, past performance is not indicative of future results.
Regarding the operation with the RSI: when its value is below 50 for a given period, the trend is considered bearish. Conversely, a value above 50 indicates a bullish trend. The indicator goes beyond the isolated analysis of each period by calculating an average of the displayed trends, based on user preferences. This average, ranging from “Strong Down” to “Strong Up,” reflects the percentage of periods indicating a bullish or bearish trend, thus providing a precise overview of the overall market condition.
Key Features:
- Multi-Timeframe Analysis: Allows RSI analysis across multiple timeframes, offering an overview of market dynamics.
- Advanced Customization: Includes options to adjust the RSI period, the RSI trend threshold, and more.
- Color and Transparency Options: Offers color styles for bullish and bearish trends, as well as adjustable transparency levels for personalized visualization.
- Average Trend Display: Calculates and displays the average trend based on activated timeframes, providing a quick summary of the current market state.
- Flexible Table Positioning: Allows users to choose the indicator’s display location on the chart for seamless integration.
List of Parameters:
- RSI Period: Defines the RSI period for calculation.
- RSI Up/Down Threshold: Threshold for determining bullish or bearish trends of the RSI.
- Table Position: Location of the indicator’s display on the chart.
- Color Style: Selection of the color style for the indicator.
- Strong Down/Up Color (User): Customization of colors for strong market movements.
- Table TF Transparency: Adjustment of the transparency level for the timeframe table.
- Show X Minute/Hour/Day/Week Trend: Activation of the RSI display for specific timeframes.
- Show AVG: Option to display or not the calculated average trend.
the Multi-Timeframe Momentum Indicator [Ox_kali], stands as a comprehensive tool for market trend analysis across various timeframes, leveraging the RSI for in-depth market insights. With the promise of future updates including the integration of additional oscillators like the MACD and StochRSI, this indicator is set to offer even more robust analysis capabilities.
Please note that the MTF-Momentum [Ox_kali] is not a guarantee of future market performance and should be used in conjunction with proper risk management. Always ensure that you have a thorough understanding of the indicator’s methodology and its limitations before making any investment decisions. Additionally, past performance is not indicative of future results.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Want to use this script on a chart?
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.