MMI Signal

Trend trading strategies filtered by the Market Meanness Index.

This is a port of the experiment described at

The Market Meanness Index tells whether the market is currently moving in or out of a "trending" regime. It can this way prevent losses by false signals of trend indicators. It is a purely statistical algorithm and not based on volatility , trends, or cycles of the price curve.

The indicator measures the meanness of the market - its tendency to revert to the mean after pretending to start a trend. If that happens too often, all trend following systems will bite the dust.


  • Price Source: Either open, high, low, close, hl2 , hlc3, or ohlc4. The default value is hlc3.
  • Trend MA Type: Either SMA , EMA , LowPass, Hull MA, Zero-Lag MA, ALMA , Laguerre, Smooth, Decycle. The default value is LowPass.
  • Trend MA Period: Sets the lookback period of trend MA. The default value is 200.
  • MMI Period: Sets the lookback period of the Market Meanness Index. The default value is 300.
Apr 07
Release Notes: Fixed compilation error with recent pinescript version
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