MomentumTrendDivergence

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Hey everybody, I created my first copy/paste indicator based on a strategy I bought some time ago that use momentum in the direction of the trend for entries. When both line up the probabillity is in your favour. I played around with this and then added a histogram of the difference between momentum and trend. Very similar to what the real macd does.

I noticed that it was quite easy to see divergence with this hitogram and sometimes can see this on two closed bars even on the 5min chart, obviously the 5min is a bit short for reasonable trades but it does show some good divergence, espacially on the 15min chart.

Remember, Patience is a vertue and you only need 10pips per day.

I suggest 15min Chart, Randy Candels, Pivots or Cams and this MomentumTrendDivergence.

Anycase, play with it and see if it's any good. Please post any comments. Just save the files in the indicators folder and restart MT4. Please do not ask how to load this file as this is not where you learn how to use MT4, there is other threads for this.Please do not ask for source code as I am still working on variations of this indicator.

MTD is periods to look back.

Factor any number to increase or decrease sensitivity.

This is based on MAs and I know there is some lag, but with the default settings of 2/2 it is very responsive and everything has lag even price action - we always wait for some sort of confirmation, this is just another tool.

Attached is the MTD(MomentumTrendDivergence) indicator, Heiken Ashi(Randy Candels-just search the forum), Camarilladthistorical.

Any productive comments will be appreciated and please if you can't be "nice" just move on and don't post.

Later

 

hi

4xtrend:
Hey everybody, I created my first copy/paste indicator based on a strategy I bought some time ago that use momentum in the direction of the trend for entries. When both line up the probabillity is in your favour. I played around with this and then added a histogram of the difference between momentum and trend. Very similar to what the real macd does.

I noticed that it was quite easy to see divergence with this hitogram and sometimes can see this on two closed bars even on the 5min chart, obviously the 5min is a bit short for reasonable trades but it does show some good divergence, espacially on the 15min chart.

Remember, Patience is a vertue and you only need 10pips per day.

I suggest 15min Chart, Randy Candels, Pivots or Cams and this MomentumTrendDivergence.

Anycase, play with it and see if it's any good. Please post any comments. Just save the files in the indicators folder and restart MT4. Please do not ask how to load this file as this is not where you learn how to use MT4, there is other threads for this.Please do not ask for source code as I am still working on variations of this indicator.

MTD is periods to look back.

Factor any number to increase or decrease sensitivity.

This is based on MAs and I know there is some lag, but with the default settings of 2/2 it is very responsive and everything has lag even price action - we always wait for some sort of confirmation, this is just another tool.

Attached is the MTD(MomentumTrendDivergence) indicator, Heiken Ashi(Randy Candels-just search the forum), Camarilladthistorical.

Any productive comments will be appreciated and please if you can't be "nice" just move on and don't post.

Later

Thanks for this strategy...btw can you post source code for momentumtrenddivergence indicator ?

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