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DSProFx Momentum Indicator

DSProFx Momentum Indicator is a forex indicator that works based on market price momentum calculation which shows combination of two different timeframes.


Concept

DSProFx Momentum Indicator works in any timeframe with the main concept is giving momentum index to each candle or bar which is calculated from the Bar Volume, LookBack Period and Candle Direction (Bearish or Bullish).


Formula

Momentum Index = Sum (Bar Volume * Weight) / Total Weight.


Features

DSProFx Momentum Indicator is a separate window indicator with some features:

  1. Consist of two different type of signal : histogram (upper) and arrow (lower). The upper signal shows the momentum index of current chart while the lower signal shows the momentum index of the second timeframe (which is higher than current chart timeframe).
  2. Both signal have their own color to show the momentum (up or down). The upper signal (histogram) shows the color and index as well, while the lower signal (arrow) only shows the color.
  3. There are options to activate the alert system (Pop up alert, email and push notification). Alert will be sent if both signal (histogram and arrow) shows the same signal.
  4. Visualization of the signal can be changed in color and width.


How to Use

Actually, the bar momentum can be seen clearly on the histogram signal that calculated by the current chart candles. To avoid false signals, the arrow signal calculated by the higher timeframe can be used as the filter.


Parameters

  • TimeFrame1 - current timeframe. Should be lower than TimeFrame2.
  • LookBackPeriod1 - number of candles behind (from TimeFrame1) that affect the momentum calculation of the histogram signal.
  • Calculation_Method1 - method of calculating the momentum index. There are two options:
    • Simple calculation: give the same weight to all candles or bars of LookBack Period.
    • Weighted calculation: give the maximum weight to the last (running) candle and minimum weight to the farthest candle based on LookBack Period.
  • TimeFrame2 - higher timeframe.
  • LookBackPeriod2 - number of candles behind (from TimeFrame2) that affect the momentum calculation of the arrow signal.
  • Calculation_Method2 - method of calculating the momentum index. There are two options:
    • Simple calculation: give the same weight to all candles or bars of LookBack Period.
    • Weighted calculation: give the maximum weight to the last (running) candle and minimum weight to the farthest candle based on LookBack Period.
  • Pop_Up_Alert - (true/false) option to activate the pop up alert.
  • Email_Alert - (true/false) option to send email alert.
  • Push_Notification - (true/false) option to send notification alert.
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Version 2.0 2018.03.01
Fixing some bugs.