DBT MoMo v2

DBT MoMo v2 uses everything in the MoMo v1 and more. The MoMo finds areas of extension, to the downside and upside. These areas create good opportunities for long and short positions. It consist of a 3 candle back MoMo line and 24 candle back MoMo line. When both lines are above 10 this shows the bulls are very extended and a pullback or trend reversal is imminent, this will be signified as a gold background on the MoMo. When both MoMo lines are below -10 this shows the bears are very extended and a pullback or trend reversal to the upside is imminent, this will be signified as a purple background on the MoMo. When both MoMo lines are correlating and moving in the same direction the trend is strong. If they are showing inverse signals or the 3 MoMo is rapidly moving while the 24 MoMo is flat this means the trend is choppy or weak. When both MoMos are below -10 or above +10 and the 3 momo rapidly moves to +10 or -10, but the 24 momo remains flat this typically shows a trap is being played and you want to be careful taking a trade in the direction of the 3 MoMo. The midline is a trend line that shows trend direction, green for up red for down and white for sideways.

Use at your own risk. This is not financial advise and this indicator is not guaranteed to make you profits. Please message me if you have any questions or feedback. Enjoy.

This is the Official release of the DBT MoMo. It will be available on my website upon launch. Please do not ask for access. If you would like access please go to my website once it releases, Thank You.

Versionsinformation:

-Overall visual update. Got rid of the clutter.
-MoMo fast line changes to columns. Renamed Price Line
-MoMo Slow Line renamed Trend Line
-Removed Midline/Trendline
-Got rid of all themes

Versionsinformation:

-small bug fix

Versionsinformation:

-For the first time, I have added the input to change the smoothing for the momo to allow the user to find a smoothing that suits their trading style.

PLEASE UNDERSTAND THAT THE DEFAULT SMOOTHING WAS CHOSEN AFTER MAJOR BACKTESTING, CHANGING IT WILL HAVE ADVERSE EFFECTS.

Versionsinformation:

-Removed Candle Coloring because of a conflict with new indicators.
-Adding Background Shading indicator to compensate.

Versionsinformation:

-Reverted back to Candle Coloring