Momentum Pinball
September 2, 2016, 4:13 PM
Indicators
11 Comments
Based on a classical RSI formula, this indicator use the intraday price changed difference from the previous day, instead of the close.
It results a fast and accurate view of price acceleration (great momentum) of the current daily candlestick compared to analysed periods (14 periods in the code example).
I marked examples of how to interpret the indicator on the above screenshot. When the oscillator value exceed the 60 level area, it should warn you of a large bullish pressure, and a bearish one when its below the 40 level.
//PRC_MomentumPinball
//02.09.2016
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
periods = 14
diff = Dclose(0)-Dclose(1)
if diff-diff[1]>=0 then
u = diff-diff[1]
d = 0
else
u = 0
d = diff[1]-diff
endif
mp = 100-(100/(1+(exponentialaverage[periods](u)/exponentialaverage[periods](d))))
RETURN mp as "Momentum Pinball", 60 as "60 level", 50 as "50 level", 40 as "40 level"
Download
Filename:
PRC_MomentumPinball.itf
Downloads:
272
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