The Shinigami Momentum is a hybrid indicator including fundamentals, proce Action that has been filtered by Volume analysisvand follows rules of mathematical distribution formulas.
the data for the calculations required is setup in the input Parameters.
The indicator was upgraded to draw Support n Resistance zones that consist of three regions.
Upper limit line, main body and lower resistance line.
The upper limit line and lower limit lines can act as a channel, for price movements on higher Timeframes.
Together with the main oscilator The user can locate high probsbility trades.
The oscillator when above zero its the overbought strength and the opposite is true.
The Shinigami Momentum ranges from a positive to the equal negative value. it has an Overbought level here on referred to as the upper limit line and an over sold level which will be referred as the lower limit line.
the default values are set as Period = 14, Applyto = Close, and Method=Exponential. I advice in forex market to use the set default levels
though Beta testers had different levels
How to Use
There is an upper limit line and a lower line as stated above.
When Price touches the upper line That is a sell signal.
When Price touches Lower line that is a buy signal.
The shinigami way
If a signal is received, and it happens to be a false signal, and another signal of same direction occurs which is also false. This brings
the false count to 2.
Once false count is 2, label the two points and shift to a next higher Time frame.
1. Locate False point 1. and check if it bounces or breaks the limit line. if it does not break/touch it then it was a false signal.
2. if False point1 is satisfied, locate False point2, now False point2 must not be on the limit line or near it
3. draw trend line with ray to join False point1 and False point2
NB: Here the trendline must be in opposite direction of the chart direction(divergence and Convergence)
4. wait for the SM to break the Trend line, then wait for the retracement break again which will be your Entry point. CLICK HERE
- If the Trend line touches the opposite Limit line before an entry point has been given. Delete Whole Structure.
NB: Indicator ONLY draws the oscillating line, all other additions in screenshots are for explanations
Support and Resistance Zones introduced .
The Oscillator bugs fixed for begin value.
added an Averaging Line,