My own interpretation indicator which i call multi time frame moving averages momentum with NO LAG EMA support (Optional). The indicator is calculated by subtracting the long-term EMA from the short-term EMA .
This pretty much resembles the MACD moving averages calculation but without the smoothing of the histogram.
Can also be used to find divergences.
The background shows the main trend with higher time frame which can be set in the settings. Aimed to use with Higher time frame (Double or more) but can also work with lower time frame.
How to use the indicator?
==Histogram== Green: Momentum of asset is positive and increasing. Lighter Green: Momentum of asset is still positive but decreasing and can revert to negative momentum. Red: Momentum of asset is negative and increasing. Lighter Red: Momentum of asset is still negative but increasing and revert to positive momentum.
==Background Color - Main Trend== Green: HTF (Higher time frame) momentum is positive. RED: HTF momentum is negative.
NOTE: BARS ARE COLORED BY DEFAULT WITH HISTOGRAM COLORS! (Can be changed in settings)
Informacje o Wersji
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Added AUTO Higher time frame selection with multiplier or user defined.
Informacje o Wersji
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Added different selection of moving averages including HMA, JMA, SMMA, VAMA and more,(Default EMA). Note: I am considering to make a NEW variation (V2) of this script, Follow me to get notified. Enjoy :)
Informacje o Wersji
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Added Buy/Sell Alerts. BUY alert when histogram crosses over zero line, SELL alert when histogram crosses under zero line. Upgrade to Pinescript v5 from v4 Optimized code. Improved settings usability.
It doesn't change if I choose user define & select the desired timeframe
FullDegenMode
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Hello, i been using this indicator and so far i been really liking it! I also had a suggestion. i was thinking if it’s possible to make the indicator print out a Dot when the momentum is about to change. ie: between the histogram’s light red and dark green. Thanks for the awesome indicator!
DaddyHan
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HI BOSS, can u add convergence or divergence lines?
onisleeve
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Great work on this indicator, I really like it. Unfortunately its repainting rather badly. ie. changes to current candle is affecting previous data so bars are moving up and down. Are you able to fix?
dman103
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@onisleeve, Hello, I am glad you find this indicator effective for you, regarding repainting, this indicator does not repaint previous data, however, when last bar price changes at real time, also the last histogram bar gets updated, expected behavior and most indicators do the same. If you encounter other behavior please message me directly to understand and fix.
crownlinksjuliet
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Great work. Pls can you add alerts when the histogram or bar changes from one color to another
Is this indicator available for free or paid?. And how do I get it? And also, I would love to create an indicator of mine too, can you be of help?
dman103
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@miracleabraham492, It's free to use! You can click 'Add to favorite scripts' and add it to your chart from your favorite scripts or look up it's name in the chart indicator lookup.
To write indicators or strategies you need to learn pine script and understand or learn technical analysis and price movement concepts. If you need me to write you your own unique custom made indicator, i can do that, but most likely it won't be free. Follow me, i release quite a lot indicators which are free to use.
miracleabraham492
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@dman103, thank you very much for your response. So what's the cost to help write a custom indicator?