Exponential Momentum Trial Version
This is Trail version which it works just in M5 and H1 time frames.
- Smoothed to filter uncomfortable noises.
- Non-Lagging Exponential averaging.
- Line or Histogram drawing.
- Momentum on both bullish and bearish move.
How to use it
- Trend Following, GREEN for Bullish and PINK for Bearish. Buy when the indicator bottoms and turns up and sell when the indicator peaks and turns down.
- Momentum Strength, higher value means higher strength. If the Momentum indicator reaches extremely high or low values (relative to its historical values), you should assume a continuation of the current trend. For example, if the Momentum indicator reaches extremely high values and then turns down, you should assume prices will probably go still higher. In either case, only trade after prices confirm the signal generated by the indicator (for example, if prices peak and turn down, wait for prices to begin to fall before selling).
- Divergence, A bullish divergence occurs when the indicator is making new highs while prices fail to reach new highs. A bearish divergence occurs when the indicator is making new lows while prices fail to reach new lows. Both of these divergences are most significant when they occur at relatively overbought/oversold levels.
- FirstMomentumAveraging: Exponential Averaging periods that would be apply over Candles height.
- SecondMomentumAveraging: Exponential Averaging periods to smooth the first one averaging.
- ThirdMomentumAveraging: Exponential Averaging periods to smooth the second one averaging.
- SafeMode: By set it to true, the indicator color is changed by passing zero level.
- Indicator_Type: To set the type of indicator drawing to LINE or HISTOGRAM.