NewsMomentum is an indicator that monitors the market between the specified hours and sends an alert to potentially buy or sell when the momentum of the market increases such that there may be a reaction to the news for the observed currency pair. As always, it is best to confirm these movements with other factors such as support and resistance breaks.
This indicator works on any timeframe but it is recommended to be used on a smaller timeframe, such as M5, due to the speed at which the news influences the market.
- MomentumPeriod: The number of bars to look back when comparing market momentum.
- AlertLevel: The momentum value that must be above or below to send alerts. A buy alert will not be triggered unless the momentum is greater than this value, while a sell alert will not be triggered unless the momentum is less than this value.
- GreaterThanPrevious: The amount by which the momentum must exceed the previous market momentum.
- StartAlertHour: The market hour to begin watching for changes in momentum. This value should be relative to your terminal's time zone rather than your personal time zone.
- StopAlertHour: The market hour to stop watching for changes in momentum. This value should be relative to your terminal's time zone rather than your personal time zone.