This indicator plots a TTM Squeeze momentum oscillator in a separate pane. It compares a Bollinger Band offset to a Keltner Channel offset and marks the zero line white when the difference is non-negative and black when the bands are inside the channel. A line
Indicator · Pine Script v5 · Own pane
Weighted Multi-Resolution Momentum with Volatility
This indicator calculates a multi-period momentum oscillator plotted alongside an Average True Range baseline.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code41
Settings7inputs
LicenceGPL-3.0
Last update2 years ago22 May 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
41 lines of Pine Script v5 from Weighted Multi-Resolution Momentum with Volatility.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © jawauntb
//@version=5
indicator("Weighted Multi-Resolution Momentum with Volatility", shorttitle="WMRMV", overlay=false)
length1 = input(7, title="Length1")
length2 = input(14, title="Length2")
length3 = input(28, title="Length3")
length4 = input(56, title="Length4")
length5 = input(112, title="Length5")
// Calculate the weighted momentum at different scales and average them
wmrm = 0.0
weights = 0.0
// Momentum for each length
mom1 = close - nz(close[length1], close)
mom2 = close - nz(close[length2], close)
mom3 = close - nz(close[length3], close)
mom4 = close - nz(close[length4], close)
mom5 = close - nz(close[length5], close)
// Weights for each length
weights1 = length1
weights2 = length2
weights3 = length3
weights4 = length4
weights5 = length5
wmrm := (mom1 * weights1 + mom2 * weights2 + mom3 * weights3 + mom4 * weights4 + mom5 * weights5) / (weights1 + weights2 + weights3 + weights4 + weights5)
// Calculate the Average True Range (ATR)
atr_length = input(14, title="ATR Length")
atr_mult = input(1.0, title="ATR Multiplier")
atr = ta.atr(atr_length) * atr_mult
// Plot the WMRM and ATR
plot(wmrm, color=color.blue, title="WMRM")
plot(atr, color=color.red, title="ATR")
hline(0) // Centerline
Overview
Weighted Multi-Resolution Momentum with Volatility measures momentum across five configurable lookback lengths, weighting each value proportionally by its length so longer horizons exert greater influence on the composite score. Concurrently, it computes the Average True Range adjusted by a multiplier. Both the weighted momentum line and the volatility line are drawn in a separate pane around a zero centerline, without generating automated trade signals or alerts.
- Multi-period weighted momentum calculation
- Configurable momentum lookback lengths
- Average True Range volatility overlay
- Zero-line reference level
Details
Published by
jawauntb on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Oscillators & momentum, Volatility & bands
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Length1 | int | 7 | length1 |
| Length2 | int | 14 | length2 |
| Length3 | int | 28 | length3 |
| Length4 | int | 56 | length4 |
| Length5 | int | 112 | length5 |
| ATR Length | int | 14 | atr_length |
| ATR Multiplier | float | 1.0 | atr_mult |
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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