Momentum Pinball indicator helps to determine a day for trading.
The trading strategy depends on values of Momentum Pinball indicator (at the moment, when daily bar is completed).
- If Momentum Pinball>70, it is recommended to open short positions only;
- If Momentum Pinball<30, it is recommended to open long positions only;
Momentum Pinball indicator is based on Momentum (the difference between the today's and yesterday' close price). It uses the Relative Strength Index (RSI) indicator (ExtPeriodRSI=3), applied to Rate
of Change (ROC) indicator (ExtPeriodROC=1).
For work it needs the Rate of Change (ROC) indicator (included in the standard package of MetaTrader 5 client terminal) in the terminal_data_folder\MQL5\Indicators\Examples.The Momentum Pinball indicator works on daily (D1) timeframe.