pvrcharts

Trend & Momentum V2

Declutter your charts. Simple indicator combining trend and momentum using Moving Average (currently default to 9-day EMA ) and RSI (default length of 8). A long signal is generated when the price closes above the moving average and the moving average color turns red to green which indicated that the momentum measured using RSI is greater than 50. A short signal is generated when the price closes below the moving average and the moving average color turns green to red indicating RSI is below 50. Confirmation is done if there is no reversal on the next candle. For best results use multiple timeframe charts to trade on the right side of trend and momentum.
Release Notes: Added the following
1. Alerts for Long and Short Signals
2. Visual cues for Long and Short Signals

For folks who asked me how I use it. Once I get the signal I take a starter position at open of next session.
Release Notes: Added options for moving averages. SMA, EMA, RMA, WMA
Release Notes: 1. Improved long/short signal logic to accommodate for edge cases.
2. Added a special mode for active traders who want to reduce price action noise which causes them anxiety and uncertainty. Price action in bars is given a bar color based on bias. Green for bullish bias, red for bearish bias, and white for neutral.
Release Notes: Faq: What time frame is best for this signal indicator?
You can use any time interval you want eg. 1 minute, 1 hour, 1 day, 1 week, 1 month.

Note on lookback period settings.
The default configuration for the look-back period of 9 for trend and 5 for the momentum is an aggressive setting. You can try 20 for trend and 14 for momentum to reduce noise.

In this update:
Introducing Bull Vs Bear visual signals.
Introducing refactored alerts system.
The algorithm in the script is programmed to detect long or short bias during the time interval set in the alert.
1. Long signals are triggered when a long bias is detected and the price crosses above the previous session high.
1. Short signals are triggered when a short bias is detected in a bar and the price crosses below the previous bar low.
Release Notes: Title Change

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