Momentum Pinball

Momentum Pinball

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"

 

Risk disclosure:

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 : How to import ITF files into ProRealTime platform?

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  1. Bon Zo • 136 days ago #

    Your trading indicators are awesomes.

    • Nicolas • 136 days ago #

      Thanks a lot Bon Zo. Spread the news everywhere you go 🙂

  2. Bon Zo • 136 days ago #

    i don’t really want to tell others my secret but maybe i could share this page on my facebook account. 

  3. Renato Di Lorenzo • 133 days ago #

    Hi Nicolas; what is Dclose?

    • Nicolas • 133 days ago #

      It’s the Daily close. Dclose

    • Renato Di Lorenzo • 133 days ago #

      ok, clear; I understand that Dclose(0) is not constant during the current day and is equal to the close of the last intraday bar, while Dclose(1) is obviously constant during the current day. Correct.

      Is there some reason for this choice instead of using a more “normal” sliding close? I think there is.

  4. Nicolas • 133 days ago #

    @Renato

    I have this code in my indicators list since a while and honestly I don’t remember from what I converted it from .. Daily OHLC used in intraday charts also make sense, even if this one is I think much clearer on a Daily one.

  5. Renato Di Lorenzo • 133 days ago #

    Agree; thanks.

  6. rpreviteri • 66 days ago #

    Hi Nicolas, thanks a  loto for sharing your knowliedge, Wasn’t the original momentum pinball  with ROC  rather than exponential average? Best regards 

     

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