PROTECTED SOURCE SCRIPT
Magma Momentum
Updated
This is a simple and easy-to-read momentum indicator that can help you identify divergences and shifts in momentum.
A divergence is when price moves in one direction but the indicator moves in the opposite direction. This typically is a sign of price exhaustion and can indicate that price is about to reverse, at least momentarily.
Here is a comparison with RSI (relative strength index) and some examples of divergences.
Enjoy.
A divergence is when price moves in one direction but the indicator moves in the opposite direction. This typically is a sign of price exhaustion and can indicate that price is about to reverse, at least momentarily.
Here is a comparison with RSI (relative strength index) and some examples of divergences.
Enjoy.
Release Notes
Added two new optional components: OBVM (On balance volume momentum) based on OBV and a custom Chaikin Money Flow. I highly recommend enabling these in the settings as they can be used for extra confirmation of momentum.Since the OBVM is based on volume it is often a leading indicator. All of these tools used in combination can give very strong signals and can help keep you out of bad trades.
Release Notes
Added smoothing to momentum waves, tweaked OBVM and made a bunch of improvements to CMF..Release Notes
Added line modeProtected script
This script is published closed-source and you may privately use it freely.
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