Momentuminator 1.0 — Strategy by tarzan

momentum trading long shortterm short momentuminator

Here we have a general purpose momentum based long and short flip flop with optional profit target and maximum loss.

Program development: Boffin Hollow Lab

Author: Tarzan at tradingview.com

Release: Version 1.0 May 2016

Please Note: Past Performance is not necessarily 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 a publication is governed by House Rules. You can favorite it to use it 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.

Want to use this script on a chart?

//@version=2
strategy("Momentuminator 1.0", title = "Momentuminator", overlay=true)

//©2016 Boffin Hollow Lab
//Author: Craig Harris

//color the background by days of the week

c = navy


bgColor = (dayofweek == monday)    ? color(c, 94) :
          (dayofweek == tuesday)   ? color(c, 90) :
          (dayofweek == wednesday) ? color(c, 86) :
          (dayofweek == thursday)  ? color(c, 84) :
          (dayofweek == friday)    ? color(c, 82) : na
          
          
bgcolor(color = bgColor)

//input parms and variables

length = input(12)
tgtt = input(title = "profit target", defval=600, step = 5)
mloss = input (title = "Maximum Loss",defval=-600, step=5)
price = close

//momentuminator function

momentum(seria, length) =>
    mom = seria - seria[length]
    mom
    
// give it to a mom    

momz = momentum(price, length)
mom1 = momentum( momz, 1)

if (momz > 0 and mom1 > 0)
    strategy.entry("MomLE", strategy.long, stop=high+syminfo.mintick, comment="MomLE")
else
    strategy.cancel("MomLE")
    
strategy.close("MomLE", when = strategy.openprofit > (tgtt))    
strategy.close("MomSE", when = strategy.openprofit > (tgtt))     

if (momz < 0 and mom1 < 0)
    strategy.entry("MomSE", strategy.short, stop=low-syminfo.mintick, comment="MomSE")
else
    strategy.cancel("MomSE")
    
strategy.close("MomLE", when = strategy.openprofit > (tgtt))    
strategy.close("MomSE", when = strategy.openprofit > (tgtt)) 

strategy.close("MomLE", when = strategy.openprofit < (mloss))    
strategy.close("MomSE", when = strategy.openprofit < (mloss))    

//plot(strategy.equity, title="equity", color=red, linewidth=2, style=areabr)