OPEN-SOURCE SCRIPT
Basic Polychromatic Momentum Indicator
Updated
Basic Polychromatic Momentum Indicator with alerts
PMI involves taking the difference between the current price and the price n periods ago, and then subtracting from it the difference between the current price and the price n periods ago, divided by n. This gives a smoothed version of the momentum indicator.
The user can also specify a smoothing factor using the "smoothing" input, which applies a simple moving average to the PMI. The resulting smoothed PMI is plotted on the chart in blue, with a dotted gray line at the zero level.
PMI involves taking the difference between the current price and the price n periods ago, and then subtracting from it the difference between the current price and the price n periods ago, divided by n. This gives a smoothed version of the momentum indicator.
The user can also specify a smoothing factor using the "smoothing" input, which applies a simple moving average to the PMI. The resulting smoothed PMI is plotted on the chart in blue, with a dotted gray line at the zero level.
Release Notes
name changeRelease Notes
in this version I have added a graphic representation that indicates better visual momentum direction.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.
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