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>=0 then u = diff-diff d = 0 else u = 0 d = diff-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"
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