Munich's Momentum Wave V2

CheatCode1 Updated   

There are a few big things to note with this one.
I decided to upload this as an entirely new script due to the number of changes differing from the first version, but as the last one, this will still work on ANY TIMEFRAME, ANY ASSET CLASS, ANY PRICE!.

This momentum wave indicator now will give you data for when trend could turn, and two momentum indicators to help you decide when to take an entry.
First off,
*I have added an alma ma (alma) that will track momentum alongside price action and further lead the indicator consisting of the Munich waves.
* The background feature will track the price using a method derived from the Bollinger bands, after calculations, it will color the background based on the average of the momentum's ema's, the alma ma, and also the alma in comparison to the alma's value pre offset ( the offset is 3, following the basis).
*There are now 5 basis values given from the increase in ema samples.

If anyone has any questions feel free to pm me or comment below. Thank you guys for the support! :)

Release Notes:
Update 1: Updated the alma color print as well as paramaters for conditions, added the grow and fall identifiers to the color scheme. AAPL
Release Notes:
Update 2: Changed chart picture.
Release Notes:
UPDATE: As requested, the offset function was removed.
Release Notes:
UPDATE: ALERTS!!! Added multiple alerts with optional input settings, and also changed a few of the variable names and color arguments.
Release Notes:
UPDATE: Added a horizontal line at 0. This line will reflect the colors of the different waves.
ALERTS: Two new alerts were added to represent the colors of these horizontal lines and are coded to prevent them from being excessive alerts.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.


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