Price action Momentum Levels/Zones (Expo) indicator identifies relatively stronger Up and Down Momentum. This is visualized by a Zone, or Levels or with Barcolors depending on which settings are used.
When the market has relatively stronger momentum it can be a sign that the sellers or buyers are exhausted and the market has to pause, make a pullback, or make a trend shift.
HOW TO USE
1. Use the indicator to identify relatively stronger momentum. 2. Use the indicator to identify pullbacks or trend shifts. 3. Use the indicator to buy/short-sell breakouts of the zones. 4. Use the indicator to buy/short-sell when the price re-test the zones.
INDICATOR IN ACTION
4 hour chart
I hope you find this indicator useful, and please comment or contact me if you like the script or have any questions/suggestions for future improvements. Thanks!
I will continually work on this indicator, so please share your experience and feedback as it will enable me to make even better improvements. Thanks to everyone that has already contacted me regarding my scripts. Your feedback is valuable for future developments!
ACCESS THE INDICATOR
• Contact me on TradingView or use the links below
----------------- Disclaimer
Copyright by Zeiierman.
The information contained in my scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My scripts/indicators/ideas are only for educational purposes!
Release Notes
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Improvements!
Performance Improvements!
Release Notes
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Major performance improvements
The momentum function is enhanced, and a filter and momentum structure has been added.
In trying it out, some feedback if you're interested... Looks good, but would be more useful if the levels could extend right until mitigated. As it is, the user needs to constantly scroll left to see if there are key levels above or below the price action, but not displaying because they extend only a short ways, and therefore get lost out of frame.