Angular Momentum Indicator
Non-Repainting Indicator that is based on combined angular momentum of price levels using configured period as main reference.
It is sensitive to the change of angular momentum on lower periods.
- Yellow Line – Market is trending up
- Red Line – Market is trending down
- Blue Line – Angular Momentum
You can use this indicator on any time frame without the need to configure any moving average period.
- Alert - Set alert to true if you want to be notified by MT4 platform for each new change in angular momentum direction.
- Notification - Set notification to true if you want the notification to be sent to MT4 mobile app.
- Period - Set the period in consideration for the general direction of the trend.
How to use
- When you see a Yellow Line, wait for the blue line to go to the lowest point and trade only when it is moving back up.
- When you see the Yellow Line is changed to Red Line, you should attempt to close your trades that are on the wrong direction of the market soon.
- When you see a Red Line, wait for the blue line to go to the highest point and trade only when it is moving back down.
- When you see the Red Line is changed to Yellow Line, you should attempt to close your trades that are on the wrong direction of the market soon.
- Place 2 angular momentum indicators with H1 and H4 on your chart to trade existing trends.
Global variable written
- [AM][Symbol][Period] - It is the general direction of the trend (1 is bullish trend, -1 is bearish trend).
2) A new setting, Label Auto-Repositioning, can be set to false so that the trend quality label can be moved manually to any position.
Data Window: "Up" and "Down" are renamed to "Up Line" and "Down Line".
Data Window: "Up Signal" and "Down Signal" are renamed to "Up Spike" and "Down Spike".
Alert Message is now "Angular Momentum (<Period>) - Long/Short <Symbol>", instead of "<Symbol> (<Period>): Buy/Sell"
Included a new feature, "trend quality" shown at first bar. It indicates the number of consecutive price spikes of same colour within the look-back period.
2) New global variable added [AM][Symbol][Period].
a) 1: Positive trend for the indicated period
b) -1: Negative trend for the indicated period
In this way, position traders can use this indicator as well.
Default period will be set to H1, same as the default period for version 1.0
2) Notification alert is included.
(Email alert is dropped because of unreliability of email sending.)
3) Alert and notification will only be sent if they are uniquely different from the previous signals.