Watch how to download trading robots for free

Interesting script?
So post a link to it -
let others appraise it

You liked the script? Try it in the MetaTrader 5 terminal


Polychromatic Momentum - indicator for MetaTrader 5

Mladen Rakic | English Русский 中文 Español Deutsch 日本語 Português

votes: 7
2018.04.16 12:48

Denis Meyers that invented Polychromatic Momentum, describes it as:

Momentum is defined as the difference, or percent change, between the current bar and a bar some lookback period in the past. The major problem with using momentum based indicators is that the optimum lookback period seems to change over time creating losses with the current chosen lookback period.

To avoid the errors due to a single lookback period we create an indicator that takes an weighted average of all significant lookback periods for the tradable. We named this indicator polychromatic because poly means many and chromatic means colors. Thus, Polychromatic Momentum for this indicator translates into the sum of many Momentums.

Vortex Vortex

Two lines representing positive and negative directional movement. These will intersect and cross during a change of trend and diverge wider and wider as the strength of the trend increases.

Dsl - RSI of average Dsl - RSI of average

This indicator is using filtered prices for RSI (instead of using "raw" prices) and is using Discontinued Signal Line for trend assessment (instead of using slope or fixed levels).

Polychromatic Momentum - extended Polychromatic Momentum - extended

This version of Polychromatic Momentum is using double smoothed EMA for smoothing. DSEMA has been proven for producing very good smooth results with a lag that is almost non-existent, hence, in combination with it, the Polychromatic Momentum indicator becomes much more usable when it comes to signals.

Composite Index Composite Index

The Composite Index was developed to solve the divergence failure problem in the RSI, but its ability to provide specific horizontal levels of support within the indicator adds to its value. The Composite Index takes the normalized formula of RSI and removes the normalization range restrictions. The formula for the Composite Index uses an embedded momentum calculation with a short-term RSI smoothed.