Download: MOMENTUM.ELA
Category: Indicator > Miscellaneous
Description:
The Momentum indicator calculates and plots the net change, expressed in points, between each bar’s price, as specified by the input Price, and that price the number of bars ago specified in the input Length. The default settings calculate and plot the net change between the close of a bar and the close ten bars earlier.
Usage:
Measuring current prices versus earlier prices sheds light on the pace of a trend and possible trend reversals It may also be useful in identifying overbought and oversold conditions when the Momentum becomes extremely strong or weak.
Inputs:
Price - Price used in calculating Momentum
Length - Number of bars to look back for Momentum calculation
EasyLanguage Code:
INPUTS: PRICE(CLOSE), LENGTH(10);
PLOT1(MOMENTUM(PRICE, LENGTH), "MOMENTUM");
{ALERT CRITERIA}
IF PLOT1 CROSSES OVER 0 THEN
ALERT("MOMENTUM HAS CROSSED OVER ZERO")
ELSE
IF PLOT1 CROSSES UNDER 0 THEN
ALERT("MOMENTUM HAS CROSSED UNDER ZERO");