Momentum Dynamic & Flow (Expo) is a useful indicator that displays the momentum - as dynamic & flow, as well as where the momentum begins to stall.
♢ Momentum -Dynamic can be used to identify overbought and oversold areas. ♢ Momentum -Flow can be used to identify if the current trend has strong momentum. ♢ When momentum begins to stall it can be identifiable turning points, areas of congestion. However, it's not a sign that the trend is over, see it as "heads up" This is displayed with green and red colors on the moving average.
Momentum can be displayed at the top/bottom of the chart or above/below the bars. The user can also display momentum as BGcolor.
The indicator can be used standalone or as a part of your current trading strategy
HOW TO USE
1. Use the indicator to identify where the momentum stall. 2. Use the indicator to identify overbought/oversold areas with momentum -Dynamic. 3. Use the indicator to confirm the existence, or a continuation, of a trend with momentum -Flow.
INDICATOR IN ACTION
1-hour chart
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!
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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.
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Absolutely brilliant script! I really like it. Thanks for this.
Question/Suggestion: Would you be willing to share the code to the script? I would really love to use it and integrate it into my own private script.
Alternatively, if sharing the code is not an option, would you be ok with me suggesting a few things we could add to the script?
Looking forward to hearing back from you.