The Wave Momentum Indicator combines elements of Weiss Wave, Hilbert Sine Wave, and a trend analysis calculation to present trending and high probability entries.
Green and red horizontal lines indicate directional volume Background color indicates whether trading trend is bullish , bearish , or choppy (related to price expansion in a given direction) Green / Red vertical lines indicate potential entries during a session when trend has been established for a period (building volume and entering a bullish/bearish zone) and are only their for example and not trading advice.
At a glance, when you see green verticals it's a confirmation of a bullish trend while red verticals are a confirmation of a bearish trend.
Simple usage: Enter bullish on green vertical/background, exit on chop zone (yellow) or when bullish volume ends.
There are built in alerts for the bullish and bearish entry conditions to make alerting easier.
This indicator was designed for trading choppy sessions of the SPX via ES1! (E-Mini Futures ). Works best on the 15m and 1hr time-frames.
Release Notes
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* Fixed a timing issue in the code which was causing in-session bull/bear triggers to trigger late at certain time-frames (lower) * Proper labels for plots to assist in alert making or strategy writing * Re-wrote the session logic as follows:
Green Vertical: BUY Wave while in-session but after Whipsaw zone (0930-100)
Red Vertical: SELL Wave while in-session but after whipsaw zone (0930-1000)
Blue Vertical: BUY wave developing any other time
Orange Vertical: Sell wave developing any other time
Updated the alerts and plots to reflect these new states so they can be properly alerted independently.