PVSMomentum
- Indicators
-
Shi Yuan Wang
I write custom indicators, Expert Advisors (EAs), scripts and trading tools
for MetaTrader 4 and MetaTrader 5, and indicators for TradingView (Pine Script).
What I can do for you:
- Convert a clearly described trading rule into a backtestable MQL4/MQL5 EA - Version: 1.0
PVS Momentum — Volume-Weighted Momentum Score, Swing Tracking & Multi-Timeframe Dashboard
1. Overview
PVS Momentum is a momentum indicator that runs directly in the price chart window. It combines price movement with volume information and, after smoothing, produces a single momentum score on a 0–100 scale. Three visualisation layers are built on top of that score:
- Stretch arrows — flag candles where momentum has reached an extreme extension;
- Swing tracking — records swing endpoints, prints the score at each endpoint, and connects opposite endpoints with a segment;
- Multi-timeframe dashboard — monitors up to nine timeframes at a glance on the same chart.
The indicator never covers the candles and never changes the price scale. Every object is placed along the upper or lower edge of the bars, so it can be layered on top of any existing workflow. It works on any symbol type — Forex, metals, indices, crypto and CFDs — and on any timeframe.
2. Key Features
2.1 Momentum score (0–100)
A momentum reading is calculated for every bar. Higher values indicate stronger recent upside energy, lower values indicate stronger downside energy, and values around 50 represent a relative balance. The score is delivered as a numeric value and can be read precisely in the terminal's Data Window, keeping the main chart visually clean.
2.2 Extreme stretch arrows
When the score reaches the user-defined upper stretch level (default 90), a red arrow is drawn above that candle. When it falls to the lower stretch level (default 10), a blue arrow is drawn below it. These markers highlight moments when momentum is statistically stretched, making it easy to observe whether follow-through slows down or a rotation back begins.
2.3 Swing tracking
- A cross above the upper swing level (default 70) records an upper swing endpoint;
- A cross below the lower swing level (default 30) records a lower swing endpoint;
- Each endpoint prints the exact score recorded at the moment of the trigger (two decimals);
- Opposite endpoints are automatically connected by a segment, showing the price span and duration of the swing at a glance;
- While the score remains inside the corresponding zone, the endpoint keeps extending to each new higher high / lower low, and both the marker and the segment follow it, so no stale markers are left behind.
2.4 Multi-timeframe dashboard
A compact panel is docked on the right side of the chart and monitors nine configurable timeframes (default M1, M5, M15, M30, H1, H2, H3, H4, D1). Each row shows that timeframe's score together with a swing direction arrow (↑ / ↓), colour-coded by score band:
Score range | Cell colour | Meaning |
|---|---|---|
≥ 80 | Dark red | Very strong upside energy |
70 – 80 | Red | Entering the upper swing zone |
30 – 70 | Neutral grey | Relatively balanced |
20 – 30 | Blue | Entering the lower swing zone |
≤ 20 | Dark blue | Very strong downside energy |
Each row is refreshed only when a new bar appears on that timeframe (the chart's own timeframe updates with the market), keeping the load minimal. The panel re-lays itself out automatically when the chart is resized, so it never drifts out of place.
3. Input Parameters
Parameter | Default | Range | Description |
|---|---|---|---|
Momentum period | 14 | ≥ 2 | Look-back period of the score. Higher values give a smoother, slower reading |
Upper swing level | 70 | 51 – 100 | Upper swing threshold; a cross above it records an upper endpoint |
Lower swing level | 30 | 0 – 49 | Lower swing threshold; a cross below it records a lower endpoint |
Upper stretch level | 90 | 51 – 100 | Upper extreme threshold; reaching it plots the upper stretch arrow |
Lower stretch level | 10 | 0 – 49 | Lower extreme threshold; reaching it plots the lower stretch arrow |
Use real volume | false | true / false | When off, tick volume is used; when on, real volume is used (only if the broker provides it) |
Show swing score markers | true | true / false | Print the score text at each swing endpoint |
Show swing connector segments | true | true / false | Draw the segments connecting opposite endpoints |
Show stretch arrows | true | true / false | Draw the extreme stretch arrows |
Swing objects kept per type | 300 | 10 – 2000 | Maximum objects kept per object family; the oldest ones are recycled automatically |
Bars used for drawing swings | 3000 | 50 – 20000 | Number of historical bars used for swing drawing; lower values use fewer resources |
Show dashboard | true | true / false | Show / hide the multi-timeframe dashboard |
Dashboard period 1 – 9 | M1 · M5 · M15 · M30 · H1 · H2 · H3 · H4 · D1 | Any timeframe | The nine rows of the dashboard; each can be replaced with any timeframe |
Note: the upper level must stay above the lower level, and the same applies to the stretch thresholds. Otherwise the indicator refuses to load and reports a parameter error at initialisation.
4. Typical Usage
- Multi-timeframe alignment. Scan nine timeframes at once from the panel and see whether short-term and long-term momentum point in the same direction, instead of judging from a single chart.
- Watching momentum fade after a stretch. When stretch arrows cluster, watch whether the score leaves the extreme zone — a useful window for observing deceleration.
- Swing boundaries as reference levels. The endpoint markers and connector segments outline the high/low boundary of a swing, useful for trailing stops, scaling out, or monitoring a breakout of the range.
- Parameter tuning. Short-term trading usually benefits from a smaller Momentum period and higher swing levels; longer-term analysis usually benefits from a larger period and wider swing levels to filter noise.
- Volume source. Keep tick volume on symbols without real volume (such as most Forex pairs); enable real volume on futures or equities where the broker supplies it.
5. Behaviour, Performance & Compliance
- Stability. Values and objects on closed bars remain fixed. The reading on the still-forming bar updates with incoming quotes — this is standard indicator behaviour and is not repainting.
- Resources. The drawing range is capped by "Bars used for drawing swings" and object count is capped by "Swing objects kept per type", so long sessions never accumulate objects indefinitely. The dashboard reads a fixed 500 bars per timeframe.
- Dependencies. No external DLLs, no network access, no external file operations. Only the data supplied by the terminal is used, so it loads in any standard MT5 environment.
- Scope of use. The indicator provides a visual and numeric view of momentum for manual analysis only. It does not constitute trading advice and does not guarantee any result. Trading financial markets involves risk; the user is solely responsible for evaluating and accepting all trading decisions and their outcomes.
