MOM-TC_NEW
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This technical indicator is designed to help traders identify the direction and strength of market momentum by analyzing price movements relative to a specific threshold. Rather than just showing a moving line, it provides visual cues and real-time notifications when the market shifts from one state to another.
Core Mechanics
1. Momentum Calculation The tool measures "Momentum," which is a metric that reflects how fast the price is moving in a specific direction over a set number of periods (adjustable by the user). It tracks whether the current price action is accelerating or decelerating compared to previous data.
2. The Threshold System The script uses a fixed reference level (set at 100.00) as a "gatekeeper." By comparing the momentum value against this specific level, the indicator determines the market state:
- Bullish State: When the momentum rises above the threshold, it signals an upward trend.
- Bearish State: When the momentum falls below the threshold, it signals a downward trend.
3. Trend Visualization To make these movements easy to read at a glance, the script translates raw data into visual symbols:
- Buy Signals: When the momentum is above the threshold, the indicator marks the chart with specific visual icons to highlight an upward trend.
- Sell Signals: When the momentum drops below the threshold, it switches the icons to represent a downward trend.
- Divergence Tracking: The script also includes logic to track and display specific "Down Momentum" lines, which help highlight periods of sustained bearish pressure.
Real-Time Alerts
One of the primary features of this script is its proactive notification system. Instead of requiring you to stare at the screen constantly, the indicator monitors the "crosses."
Whenever the momentum value crosses the threshold—moving from a bearish state to a bullish state (or vice versa)—the script triggers an instant alert. These notifications are designed to fire only once per trend change, ensuring that you are notified of new movements without being overwhelmed by repetitive signals during a steady trend.
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
/*
//+------------------------------------------------------------------+
//| Momentum with Alert Cross and signal.mq4 |
//| |
//| Original: RSI with Trend Catcher signal by Matsu |
//| Modified: Momentum with cross signal by Linuxser for Forex-TSD |
//+------------------------------------------------------------------+
*/
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_color1 LimeGreen
#property indicator_color2 LimeGreen
#property indicator_color3 Orange
#property indicator_color4 Orange
#property indicator_level1 100
#property indicator_levelstyle STYLE_DOT
#property indicator_levelcolor Red
extern int MOMPeriod=14;
extern bool AlertOn = true;
double MOM[];
double Buy[];
double Sell[];
double DnMOM[];
double Levela[];
int Level=100.00;
int init()
{
IndicatorBuffers(4);
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,MOM);
SetIndexStyle(1,DRAW_ARROW,STYLE_SOLID);
SetIndexArrow(1,159);
SetIndexBuffer(1,Buy);
SetIndexStyle(2,DRAW_ARROW,STYLE_SOLID);
SetIndexArrow(2,159);
SetIndexBuffer(2,Sell);
SetIndexStyle(3,DRAW_LINE);
SetIndexBuffer(3,DnMOM);
IndicatorShortName("Momentum("+MOMPeriod+")");
IndicatorDigits(2);
return(0);
}
int start()
{
int counted_bars=IndicatorCounted();
int shift,limit,ob,os;
bool TrendUp, TrendDn;
bool dn = false;
double BuyNow, BuyPrevious, SellNow, SellPrevious;
static datetime prevtime = 0;
if (counted_bars<0) return(-1);
if (counted_bars>0) counted_bars--;
limit=Bars-31;
if(counted_bars>=31) limit=Bars-counted_bars-1;
for (shift=limit;shift>=0;shift--)
{
MOM[shift]=iMomentum(NULL,0,MOMPeriod,PRICE_CLOSE,shift);
ob = Level;
os = Level;
TrendUp=false;
TrendDn=false;
if(MOM[shift]>Level) TrendUp=true;
if(MOM[shift]<Level) TrendDn=true;
if (dn==true)
{
if (MOM[shift]>Level)
{
dn=false;
DnMOM[shift]=EMPTY_VALUE;
}
else
{
dn=true;
DnMOM[shift]=MOM[shift];
}
}
else
{
if (MOM[shift]<Level)
{
dn=true;
DnMOM[shift]=MOM[shift];
}
else
{
dn=false;
DnMOM[shift]=EMPTY_VALUE;
}
}
if(TrendUp==true)
{
Buy[shift]=ob;
Sell[shift]=EMPTY_VALUE;
}
else
if(TrendDn==true)
{
Buy[shift]=EMPTY_VALUE;
Sell[shift]=os;
}
else
{
Buy[shift]=EMPTY_VALUE;
Sell[shift]=EMPTY_VALUE;
}
}
// ======= Alert =========
if(AlertOn)
{
if(prevtime == Time[0])
{
return(0);
}
prevtime = Time[0];
BuyNow = Buy[0];
BuyPrevious = Buy[1];
SellNow = Sell[0];
SellPrevious = Sell[1];
if((BuyNow ==ob) && (BuyPrevious ==EMPTY_VALUE) )
{
Alert(Symbol(), " M", Period(), " Momentum Cross UP Alert");
}
else
if((SellNow ==os) && (SellPrevious ==EMPTY_VALUE) )
{
Alert(Symbol(), " M", Period(), " Momentum Cross Down Alert");
}
IndicatorShortName("Momentum("+MOMPeriod+") (Alert on)");
}
// ======= Alert End =========
return(0);
}
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