Closing momentum calculates the moving averages of closes and highs vs previous highs plus those of closes and lows vs previous lows to create momentum moving averages. Closes above/below previous highs/lows are weighted more strongly than new high or low wicks above/below a previous highs or lows.
If momentum is up, the background will shade green; brighter is stronger. If momentum is down, likewise with red.
Shifts in momentum are indicated by symbols: triangles indicate a minor shifts, arrows moderate, big arrows major. Likewise, the shade of the symbols indicates strength (darker is stronger).
Using the indicator: long continuous stretches of the same color indicate trend - deeper is stronger. If the shade is lightening or clears and/or if symbols of the other color start appearing, the trend is weakening.
If momentum is up, the background will shade green; brighter is stronger. If momentum is down, likewise with red.
Shifts in momentum are indicated by symbols: triangles indicate a minor shifts, arrows moderate, big arrows major. Likewise, the shade of the symbols indicates strength (darker is stronger).
Using the indicator: long continuous stretches of the same color indicate trend - deeper is stronger. If the shade is lightening or clears and/or if symbols of the other color start appearing, the trend is weakening.
Release Notes:
Correction: arrows are minor momentum shifts, triangles are moderate.
Release Notes:
Changed momentum change colors to be more visible against background: green to blue, red to orange.
Update on usage: If momentum arrows are confirmed by movement in that direction, it's likely a signal of a shift in trend. If momentum arrows trigger and price moves the other direction, it's probably a trap.
Update on usage: If momentum arrows are confirmed by movement in that direction, it's likely a signal of a shift in trend. If momentum arrows trigger and price moves the other direction, it's probably a trap.
Release Notes:
Replaced obnoxious full-screen color with local fills around candles.
Release Notes:
Changed the background fill to fill the range between the 5 SMA of highs and 5 SMA of lows. Also colors it pale gray if no momentum.
Release Notes:
Fixed error