dman103

MA MTF Momentum Histogram

My own interpretation indicator which i call multi time frame moving averages momentum with NO LAG EMA support (Optional).
The indicator is calculated by subtracting the long-term EMA from the short-term EMA .

This pretty much resembles the MACD moving averages calculation but without the smoothing of the histogram.

Can also be used to find divergences.

The background shows the main trend with higher time frame which can be set in the settings.
Aimed to use with Higher time frame (Double or more) but can also work with lower time frame.

How to use the indicator?

==Histogram==
Green: Momentum of asset is positive and increasing.
Lighter Green: Momentum of asset is still positive but decreasing and can revert to negative momentum.
Red: Momentum of asset is negative and increasing.
Lighter Red: Momentum of asset is still negative but increasing and revert to positive momentum.

==Background Color - Main Trend==
Green: HTF (Higher time frame) momentum is positive.
RED: HTF momentum is negative.

Feel free to comment and Follow to stay updated with upcoming scripts: https://www.tradingview.com/u/dman103

NOTE: BARS ARE COLORED BY DEFAULT WITH HISTOGRAM COLORS! (Can be changed in settings)
Release Notes: Added AUTO Higher time frame selection with multiplier or user defined.
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Appreciation of my work: https://paypal.me/drorriov

Comments

one of the best script even it works very well in indain market
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dman103 virajanand4
@virajanand4, Thanks, Glad to hear that.
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Nice, very nice! Deserves more recognition
Reply
dman103 -bjorn-
@-bjorn-, Thanks mate, One of my targets is to give community useful indicators/strategies.
Reply
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