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wugamlo

Momentum Arrows

wugamlo  
Relative Strength Index (RSI) Stochastic Oscillator
391
6
relativestrengthindex stochastic
This simple indicators paints the Momentum based on Stochastic, RSI or WaveTrend onto the Price Chart by showing Green or Red arrows.
In the settings it can be selected which indicator is used, Stochastic is selected by default.

Length of the arrows is determined by the strength of the momentum:
Stochastic: Difference between D and K
RSI: Difference from RSI-50
WaveTrend: Difference between the Waves

(Thanks to @LazyBear for the WaveTrend inspiration)

PS:
If anyone has an idea how to conditionally change the color of the arrows, then please let me know - that would be the icing on the cake. Then it would be possible to indicate Overbought/Oversold levels with different colors.
Unfortunately it currently seems not to be possible to dynamically change the arrow colour.
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.

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