INVITE-ONLY SCRIPT
PRO Momentum
Updated
INVITE ONLY SCRIPT:
FEATURES:
As its name suggests, PRO Momentum provides non-subjective momentum analysis to traders through automatic pattern detections, covering a wide range of statistically relevant structures in both ranging and trending contexts. Our goal was to provide a professional grade risk management tool capable of providing various signals, which guide the trader in its decision to engage or not in a certain price area filtered by Framework. Nevertheless, both indicators are complex tools requiring extensive learning. To support students in their journey, there is a wide open online community of users in our Discord channel, providing peer-to-peer assistance to progress with the strategy as well as tutored courses.
OUTPUTS:
To share a brief description of the PRO Momentum functioning, we will scroll through the major set of outputs that are presented to the user. Please note that the indicator is meant to assist from Junior to Senior expertise, to achieve this we have set different base templates right into the indicators. To keep this description simple, we will present the outputs you’ll see with the beginner setup:
GENERAL STRATEGY:
Overall, the PRO Strategy combines two “core” indicators, Framework and Momentum. Framework is plotted on the main chart section as an overlay, it is definitely the most important as it guides the user through the hard process of filtering prices and timeframes that are suitable for technical analysis. On the other hand, PRO Momentum is on a separate oscillator tab under the chart section, it will study the momentum and cyclical structure, also offering automated pattern detection. Ultimately, our strategy is based on collecting and processing non-subjective rules, emanating from the indicators outputs. Essentially, this means that the indicator actually takes care of producing all the necessary binary outputs, leaving you with the remaining task of combining them correctly following the strategy’s patterns.
RISK LIMITATION:
Even if we provide automated momentum signal detection, there is no “one-click” or "easy-win” solution, the user still needs to carefully review the elements. When applicable pattern rules are confirmed, the user will gather risk-limitation information from both indicators (breakout targets, price confirmations, momentum and cyclical coordination) and decide whether or not to trade according to its own risk profile. If so, the position sizing, stop-loss positioning, risk management and profit targets will all be defined according to the same indicator’s outputs. This effectively suppresses most behavioral and personal biases the trader could introduce, creating a stable and statistical risk management structure aiming for a durable profitability.
FEATURES:
As its name suggests, PRO Momentum provides non-subjective momentum analysis to traders through automatic pattern detections, covering a wide range of statistically relevant structures in both ranging and trending contexts. Our goal was to provide a professional grade risk management tool capable of providing various signals, which guide the trader in its decision to engage or not in a certain price area filtered by Framework. Nevertheless, both indicators are complex tools requiring extensive learning. To support students in their journey, there is a wide open online community of users in our Discord channel, providing peer-to-peer assistance to progress with the strategy as well as tutored courses.
OUTPUTS:
To share a brief description of the PRO Momentum functioning, we will scroll through the major set of outputs that are presented to the user. Please note that the indicator is meant to assist from Junior to Senior expertise, to achieve this we have set different base templates right into the indicators. To keep this description simple, we will present the outputs you’ll see with the beginner setup:
- Momentum Signals: As shown on the chart, there are multiple types of output signals, each corresponding to different momentum patterns. Detailed documentation is available on our website for those seeking in-depth information. Here's a high-level overview: The patterns are divided into three categories, each represented by different colors. Blue and Red signals are used in trending contexts, Gray signals are for ranging contexts, and dark-colored signals are exclusive to reversal contexts, suitable for more experienced traders. Momentum signals are binary outputs, making it easy for users to set alerts. The indicator includes built-in alerts for these groups to streamline the process. However, it’s crucial to remember that momentum signals are not standalone trading signals. The Framework indicator must first filter interesting prices and identify the context. Only then should traders use momentum signals to adjust risk.
- Sinewave Oscillators: Cyclical analysis is a critical aspect of professional risk management. Markets naturally oscillate, and significant statistical probabilities can be derived from cycle studies. We use a custom-modified version of Ehlers’ sinewave methodology. Cyclical analysis, while somewhat predictive, scans past prices to predict probable future states. Since markets are inherently unpredictable, cycle analysis is used as a confirmation signal in our strategy. Essentially, we filter out all momentum signals that occur outside favorable cyclical conditions. Bearish signals are only exploited if the sinewave is in the top area of the oscillator, and vice-versa for bullish signals.
GENERAL STRATEGY:
Overall, the PRO Strategy combines two “core” indicators, Framework and Momentum. Framework is plotted on the main chart section as an overlay, it is definitely the most important as it guides the user through the hard process of filtering prices and timeframes that are suitable for technical analysis. On the other hand, PRO Momentum is on a separate oscillator tab under the chart section, it will study the momentum and cyclical structure, also offering automated pattern detection. Ultimately, our strategy is based on collecting and processing non-subjective rules, emanating from the indicators outputs. Essentially, this means that the indicator actually takes care of producing all the necessary binary outputs, leaving you with the remaining task of combining them correctly following the strategy’s patterns.
RISK LIMITATION:
Even if we provide automated momentum signal detection, there is no “one-click” or "easy-win” solution, the user still needs to carefully review the elements. When applicable pattern rules are confirmed, the user will gather risk-limitation information from both indicators (breakout targets, price confirmations, momentum and cyclical coordination) and decide whether or not to trade according to its own risk profile. If so, the position sizing, stop-loss positioning, risk management and profit targets will all be defined according to the same indicator’s outputs. This effectively suppresses most behavioral and personal biases the trader could introduce, creating a stable and statistical risk management structure aiming for a durable profitability.
Release Notes
Added a few new conditions and removed the BREAK signals (feedback tend to tell that people were confiused by this signal).Also added a visual text message to signal if current bar is overbought/sold another option does the same for Overloads (you can turn this feature off via the settings).
Darj version should be released soon for those who use the TradingView's dark theme !
Check my profile's script folder to find them.
Release Notes
Changed the display of Overload Signals to gray dots... I'll update the PDF Manual in early 2018.Release Notes
Added the signal detection algorithm ! You'll now see a message saying "BEAR SIGNAL" or "BULL SIGNAL" on momentum when there is confirmation. Use these signals to confirm Sinewave signals ;)It's just easier for you now cause the algo is doing the interpretation job for you ! Right now on Momentum you'll have a simple reading !
Bull confirmation, Bear confirmation, no confirmation ! Can't make it easier !
Release Notes
Minor changes !Release Notes
Small bug correctedRelease Notes
MAJOR UPDATE :- Added quite some new patterns
- Improved the Overbough/Oversold/Overload detection
- Removed some alerts that were useless since the last TradingView update of their alert system...
(now you can choose to trigger alerts at bar close so use this to have confirmed signals)
Release Notes
Minor update (a few new patterns added)Release Notes
minor bug correctionRelease Notes
minor update : one new bull/bear pattern added.Release Notes
added one more BULL/BEAR patternRelease Notes
Corrected the "no depth at index" error on LTCUSD chartsRelease Notes
added a TP pattern.Release Notes
Added one new bull/bear pattern.Release Notes
Added one TP patternRelease Notes
Added one more TP pattern & corrected a bug on a BULL/BEAR patternRelease Notes
Added an Exit patternRelease Notes
*** MAJOR UPDATE ***This one comes along the release of PRO Framework indicator.
The Strategy application will be reviewed and simplified to help user learn faster how to properly use those tools !
The website will be updated soon as well.
Users will also soon be notified via Email when the overall update process will be dealt with and that the new video tutorial content will be done.
Release Notes
Minor Update (v1.6) :Standard Divergence will now be colored gray instead of blue/red. As these signals require visual confirmation and remain risky to trade for reversals.
(Hidden Divergences will remain colored blue/red)
USER REQUEST ADDED :
There is now a dummy signal output available to trigger alerts on Sinewave + Momentum trading signals.
This output is called "Signals...". Select this output on the alert tab and use trigger condition greater than set with 0 as value for bull alerts / less than 0 for bearish ones.
Release Notes
Removed the Alert output.To create on Sinewave + Momentum OK signals you now have a specified alert.
On the Alert window, select PRO Momentum as input, then among the trigger conditions, you should find "BULL OK" and "BEAR OK" on top of the list. These two conditions will trigger when both the Momentum & Sinewave are displaying OK signals to buy. Simply select the desired trigger option for the alert and you're done !
Release Notes
minor update v1.8 : (variable optimisation)Release Notes
*** Minor Update *** (v1.9)- Updated to support use of the seconds timeframe based charts
- Added two new built-in alerts :
> Reversal Signal Alerts (when TP or EXIT signals trigger with a Sinewave cycle confirmation)
> Trend Signal Alerts (when BULL/BEAR and colored DIV signals trigger with a Sinewave cycle confirmation)
This was a user request but this feature is for experienced traders only. Remember that you must never read the Momentum prior to your context identification and price filtering !!! If you dare trading a signal just by itself... you'll be dead sooner or later.
Release Notes
*** MAJOR UPDATE *** (v2.0)Now fully supporting the pine script V4.0.
Added two new EXIT patterns
Fixed an issue with alerts on "Reversal Patterns"
Release Notes
*** Compatibility Update ***Fixed the bug from latest tradingview update.
Nothing has changed on the indicator itself.
Release Notes
*** MINOR UPDATE *** (v2.1)Updated a few patterns (shouldn't make a significant difference for previous signals)
Release Notes
*** MAJOR UPDATE *** (v5.0)Now fully supporting the pine script V5.0.
Added support for DARK THEME (option has to be turned on via the settings)
Added an option to display the current momentum value as a digit (option can be turned off via settings)
Release Notes
*** MAJOR UPDATE *** (v5.2)Introducing the "Level Progression" system. When the indicator is first plotted it will ask you to choose your current level with the strategy. The indicator will then display only the relevant pieces. This is meant to make the indicator adaptive as you progress with the different contexts (range, trend, volatility).
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact PRO_Indicators for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
″PRO Indicators Bundle (PRO Momentum & PRO Framework) are accessible via subscription plan handled via my website (see my description to find the link) where you can request a free trial as well as finding all the documentation on "how-to" use these tools
Want to use this script on a chart?
Warning: please read before requesting access.
To learn more about the PRO Strategy and request a trial for the indicators:
Website : pro-indicators.com
Discord : discord.gg/Agdf5rt
Website : pro-indicators.com
Discord : discord.gg/Agdf5rt
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.