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Excessive Momentum Indicator MT5

5

Introduction

Excessive Momentum Indicator is the momentum indicator to measure the excessive momentum directly from raw price series. Hence, this is an extended price action and pattern trading. Excessive Momentum Indicator was originally developed by Young Ho Seo. This indicator demonstrates the concept of Equilibrium Fractal Wave and Practical Application at the same time. Excessive Momentum detects the market anomaly. Excessive momentum will give us a lot of clue about potential reversal and breakout opportunity. The great advantage of Excessive momentum is that it is simple and easy to use. It can go well with most of known techncial analysis including trend indicators, oscillators, Fibonacci trading, harmonic pattern trading, volume spread analysis, Elliott Wave pattern, etc.


Input Settings

A. Indicator settings

  • Bars To Scan: amount of candle bars to calculate the indicator
  • Momentum Strength Factor: Momentum Strength is the strength of Excessive Momentum to detect. It stays between 0.1 and 0.5. In theory it can go up to 1.0. But you will not get many signals to trade. The default setting is 0.1. You can try various Momenum Strength Factor to optimize your trading performance if you wish.
  • Equilibrium Fractal Wave Scale:  This input controls the size of Fractal Wave when we detect the excessive momentum. If you put bigger number, then you get less signals to trade. The default setting is 0.5.
  •    

B. Graphic settings

  • Use White Chart: to use white chart, set to true, otherwise, just set to false
  • Excessive Momentum High Color: Excessive Momentum line color when peak (high) is detected
  • Excessive Momentum Low Color: Excessive Momentum line color when trough (low) is detected
  • Auto Fibo Color: Color of  Automatic Fibnacci Retracment in your chart


How to use

In the indicator, we provide the automatic Fibonacci retracement to gauge the potential reversal opportunity. Hence, you can readily combine the classic Fibonacci trading setup with our Excessive momentum indicator. Do remember that excessive momentum line is the important support and resistance for your trading. Even though you have measured the Fibonacci ratio correctly for the potential reversal opportunity, the price must cross the excessive momentum line for confirmation. Sometimes, price can bounce off from the excessive momentum line. In this case, we get another reversal trading opportunity from excessive momentum line. Just treat the excessive momentum line as sensible support and resistance for your trading.


Some additional tools to help your trading

With excessive momentum indicator, oscillators like RSI and CCI can be used as secondary confirmation tools. This is the basic requirement for your trading.


With Harmonic Pattern and Elliott Wave pattern

If you want to use Excessive momentum indicator together with Harmonic pattern or Elliott Wave pattern, just replace the Fibonacci retracement with your harmonic pattern or Elliott wave pattern measurement (you will need to use external software for this). Alternatively, you can use Fibonacci retracement together with Harmonic pattern and Elliott wave pattern if you wish.


Trading Strategy Guide 

If you want to use Excessive momentum indicator, we also provide the volume spread anlaysis tool kit to assit further with your momentum trading. The volume spread analysis tool kit is available for both free and paid version. You can find the details about them from the link below:

Strategy Guide 1: https://www.mql5.com/en/blogs/post/747633

Strategy Guide 2: https://www.mql5.com/en/blogs/post/747652


Important Note

This is the off the shelf product. Therefore, we do not accept any modification or customization request on this product. In addition, we do not provide any code library or any support for your coding for this product.


Reviews 1
Алексей Верховых
331
Алексей Верховых 2021.11.30 12:36 
 

Лучший индикатор в моей жизни! 28 из 30 входов по нему в прибыль! Young Ho Seo, я невероятно вам благодарен!

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Классификатор силы тренда. Показания на истории не меняет. Изменяется классификация только незакрытого бара. По идее подобен полной системе ASCTrend, сигнальный модуль которой, точнее его аппроксимация в несколько "урезанном" виде, есть в свободном доступе, а также в терминале как сигнальный индикатор SilverTrend . Точной копией системы ASCTrend не является. Работает на всех инструментах и всех временных диапазонах. Индикатор использует несколько некоррелируемых между собой алгоритмов для класси
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Алексей Верховых
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Алексей Верховых 2021.11.30 12:36 
 

Лучший индикатор в моей жизни! 28 из 30 входов по нему в прибыль! Young Ho Seo, я невероятно вам благодарен!

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Version 12.3 2022.03.04
In version 12.3, we have made some minor improvement on Excessive Momentum Indicator.

Excessive Momentum Indicator is the momentum indicator to measure the excessive momentum directly from raw price series. Hence, this is an extended price action and pattern trading. Excessive Momentum Indicator was originally developed by Young Ho Seo. This indicator demonstrates the concept of Equilibrium Fractal Wave and Practical Application at the same time. Excessive Momentum detects the market anomaly. Excessive momentum will give us a lot of clue about potential reversal and breakout opportunity. The great advantage of Excessive momentum is that it is simple and easy to use. It can go well with most of known techncial analysis including trend indicators, oscillators, Fibonacci trading, harmonic pattern trading, volume spread analysis, Elliott Wave pattern, etc.
Version 12.2 2020.12.07
In Version 12.2 of Excessive Momentum Indicator, now you can scan the Excessive Momentum Zone across all timeframe. This a major update for the Excessive Momentum Indicator. The trading concept around the Excessive momentum and Volume Spread Analysis background will be not affected. So you will be trading as you were trading before.
Version 10.7 2020.08.04
In version 10.7, Excessive Momentum indicator provide faster pattern detection algorithm for Excessive Momentum Detection.
Version 10.5 2019.10.04
In version 10.5, we have added input for update frequency for scanning.
To change update frequency for scanning, "Timeframe for Update Scanning" = anything timeframe you want.
Please rememeber that if update is more frequent, then you need more CPU and RAM power.
Bear in mind that. Your MetaTrader can run slowly with too high frequency.

Version 10.3 2019.09.28
In Version 10.3, we have made minor improvement in graphical objects layout. Not too significant change.
Version 10.1 2019.09.27
In version 10.1, we have made the algorithm much simpler. There is no more Phase 1, 2, 3 and 4 in this new version. Now, it will directly detect Excessive momentum without phases. Now it is much easier to trade with the Excessive momentum indicator.

Version 8.3 2018.09.20
In version 8.3, Phase 1 Probe Box, Phase 2, Phase 3 and 4 will be shown in your charts.
Version 6.6 2018.07.25
In version 6.6, We added a triangle to indicate the strength of excessive momentum.