OPEN-SOURCE SCRIPT
MA MTF Momentum Histogram
Updated
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.
Feel free to comment and Follow to stay updated with upcoming scripts: tradingview.com/u/dman103
NOTE: BARS ARE COLORED BY DEFAULT WITH HISTOGRAM COLORS! (Can be changed in settings)
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.
Feel free to comment and Follow to stay updated with upcoming scripts: tradingview.com/u/dman103
NOTE: BARS ARE COLORED BY DEFAULT WITH HISTOGRAM COLORS! (Can be changed in settings)
Release Notes
Added AUTO Higher time frame selection with multiplier or user defined.Release Notes
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 :)
Release Notes
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.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Appreciation of my work: paypal.me/dman103
Premium Pivot Points Algo Indicator: tradingview.com/script/LFBaHNuA-Pivot-Points-Algo/
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
Premium Pivot Points Algo Indicator: tradingview.com/script/LFBaHNuA-Pivot-Points-Algo/
LIVE Stream - Pivot Points Algo: youtube.com/channel/UCFyqab-i0xb2jf-c18ufH0A/live
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.