This is an oscillator made of candlesticks informations. It were described by Perry Kaufman himself. This simply calculates the momentum of the closes above the opens versus the closes below the opens. The theory is that as prices move up, closing prices will be higher than opening prices and vice-versa for down. If this oscillator is above 70 then the whites
(Candle-sticks) dominate and below 30 the blacks are dominant.
|
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 |
// Parameters : // lookback = 14 // smoothP = 3 Bup = 0 Bdn = 0 FOR i = 0 TO lookback DO B = Close[i]-Open[i] if(B>0) THEN Bup = Bup + 1 ELSE Bdn = Bdn + 1 ENDIF NEXT BM = (Bup/(Bup+Bdn))*100 MABM = average[smoothP](BM) RETURN MABM as "Body momentum", 30 as "black dominant" , 70 as "white dominant" |
Share this
No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.
ProRealTime ITF files and other attachments :
Filename : download the ITF files
Find other exclusive trading pro-tools on 
PRC is also on YouTube, subscribe to our channel for exclusive content and tutorials
