A separate-pane momentum indicator by Lyro RS that computes rate of change over an adjustable length and passes it through three EMA stages, described as instant, reactive and committed.
A trend is flagged only when all three stages agree. It can show signals and colour candles on the main chart, with several colour palettes or a custom up and down colour. It imports a moving-average library for smoothing. The two settings are momentum length and stage smoothing.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
𝗠𝗼𝗺𝗲𝗻𝘁𝘂𝗺 𝗟𝗲𝗻𝗴𝘁𝗵
int
14
length
𝗦𝘁𝗮𝗴𝗲 𝗦𝗺𝗼𝗼𝘁𝗵𝗶𝗻𝗴
int
14
stage
𝗦𝗵𝗼𝘄 𝗦𝗶𝗴𝗻𝗮𝗹𝘀
bool
true
showSignals
𝗖𝗮𝗻𝗱𝗹𝗲 𝗖𝗼𝗹𝗼𝗿𝗶𝗻𝗴
bool
true
candleColor
Custom Color Palette
string
Mystic
ColMode
Use Custom Palette
bool
true
cpyn
Custom Up
color
#00ff00
cp_UpC
Custom Down
color
#ff0000
cp_DnC
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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