This is an updated version of the 'Momentum Trader' by user ProfitProgrammers + the 'Bollinger Bands %b & RSI & Stochastic Smoothed Indicator & Alert' by the user Zamboniman. Links to those original scripts are below: script/7S49kLWh-Bollinger-Bands-b-RSI-Stochastic-Smoothed-Indicator-Alert/ script/OMULR9es-Momentum-Trader/
The only real updates are so that it works on Version 4 of pinescript and some color and visual updates that makes these two scripts work well together. This must be used on normal candles and not HA or any other types or you can get misleading entry / exit points.
Here is some info about this indicator and the moving parts within it:
Chande Momentum Oscillator: -Measures trend strength, with higher absolute values meaning greater strength. -Also tracks divergence. When price increases, but is not accompanied by an increase in Chande Momentum Oscillator values, it signifies bearish divergence and a reversal is likely to follow. -Shown as the teal and pink histogram.
Percentage Price Oscillator: -Similar to the MACD , except that it expresses the difference between the two moving averages in terms of a percentage. This makes it a little easier to visualize. -PPO values greater than zero indicate an uptrend, as that means the fast EMA is greater than the slow (and vice versa).
Trinity Lines: -These 3 colored lines at the top are RSI + normalized Bollinger Band &b + normalized smoothed Stochastic. -A confirmation entry for a long is when the lines are in the order from top to bottom of Green Yellow Red.
Entry and Exit Conditions: Enter When: 1) Chande Momentum crosses over zero from negative to positive territory. AND 2) Chande Momentum is rising(positive slope). AND 3) Trinity lines are Green, Yellow, Red (Top to bottom)
Exit When: 1) Chande Momentum is greater than the upper line. AND 2) PPO has a negative slope. AND 3) Trinity lines are Red, Yellow, Green (Top to bottom)
نص برمجي مفتوح المصدر
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.