OPEN-SOURCE SCRIPT
Trend Momentum with Buyers / Sellers Power
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Hi there!
With this indicator, you can hunt big trends before they start.
This indicator is combined with RSI and Momentum indicators
It can show you the power of trend and which side it wants to go
It can help you to open a position at the first point of a new trend or at the safe and proven point of the trend, also it can help you to close your position before the trend change its direction (it's not recommended to use it to close your positon, but sometimes it can help you to find the ending point of big pumps)
Rules:
* Baseline is ZERO ( 0 ) line
* When gray line crossover red line, it shows us a powerful uptrend
* When the gray line crossunder the red line it shows us a powerful upward trend
Signals:
* Only use Buy signals(Long) when they are above or crossing-up baseline
* Only use Sell signals(Short) when they are under or crossing-down baseline
* If they both (red and gray lines) are too high and they suddenly starting to come back to baseline, it shows we have a range trend, the trend is weak or a reversal trend is coming!!
!! WARNING: DO NOT USE THIS INDICATOR ALONE !!
Suggestions :
-Use 1H, 4H, daily, or Weekly timeframes
-Use ADX and DI or three WMA's
-Use divergence
-You can use it for scalping but you need to change the inputs (not recommended)
If you have any idea about making new indicators(what information do you want from the chart?), comment please, then I can research and make it for all of us! =)
With this indicator, you can hunt big trends before they start.
This indicator is combined with RSI and Momentum indicators
It can show you the power of trend and which side it wants to go
It can help you to open a position at the first point of a new trend or at the safe and proven point of the trend, also it can help you to close your position before the trend change its direction (it's not recommended to use it to close your positon, but sometimes it can help you to find the ending point of big pumps)
Rules:
* Baseline is ZERO ( 0 ) line
* When gray line crossover red line, it shows us a powerful uptrend
* When the gray line crossunder the red line it shows us a powerful upward trend
Signals:
* Only use Buy signals(Long) when they are above or crossing-up baseline
* Only use Sell signals(Short) when they are under or crossing-down baseline
* If they both (red and gray lines) are too high and they suddenly starting to come back to baseline, it shows we have a range trend, the trend is weak or a reversal trend is coming!!
!! WARNING: DO NOT USE THIS INDICATOR ALONE !!
Suggestions :
-Use 1H, 4H, daily, or Weekly timeframes
-Use ADX and DI or three WMA's
-Use divergence
-You can use it for scalping but you need to change the inputs (not recommended)
If you have any idea about making new indicators(what information do you want from the chart?), comment please, then I can research and make it for all of us! =)
リリースノート
some new copyright and variable names.リリースノート
* UPDATE - Long/Short signal alert added
// Use signals only when the lines cross each other and pass the 0 line
- New color added
リリースノート
* example added to the chart* short name changed
リリースノート
There was a misspelling in "Rules"
-- When the gray line crossunder the red line it shows us a powerful downward trend !!
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