Here is a momentum indicator on multiple timeframes, 15minutes, 1 hour en 4 hours timeframe.

When all timeframes momentum are above zero, the indicator is darkgreen, when only the 15 min timeframe >0 , then the indicator is lightgreen.

It can be used as a indicator for daytrading, in general it is not wise to open short positions, when the indicator is darkgreen of open long positions when the indicator is darkred.

To be used at a 5min or 15 min timeframe.

timeframe(15 minutes, updateonclose)
Mom15= momentum[14](close)

timeframe(60 minutes, updateonclose)
Mom60= momentum[11](close)

timeframe(240 minutes, updateonclose)
Mom240= momentum[13](close)

timeframe (default)

rood=0
roze=0
oranje=0
groen=0
lichtgroen=0
geelgroen=0

If (((Mom15>0) and (Mom60>0)) and (Mom240>0)) then
groen=1
else
groen=0
If (Mom15>0) and (Mom60>0) then
lichtgroen=1
else
lichtgroen=0
If Mom15>0 then
geelgroen=1
else
geelgroen=0
endif
endif
endif

If (((Mom15<0) and (Mom60<0)) and (Mom240<0)) then
rood=1
else
rood=0
If (Mom15<0) and (Mom60<0) then
roze=1
else
roze=0
If Mom15<0 then
oranje=1
else
oranje=0
endif
endif
endif

return rood coloured(245,0,0), roze coloured(255,0,255),groen coloured(0,102,40), lichtgroen coloured(0,204,0),geelgroen coloured(153,255,153), oranje coloured (255,178,102)