Price Weighted Momentum

This indicator is a momentum indicator that is standardized by price. A.K.A (momentum / price)

The purpose of this indicator is to compare momentum between different assets regardless of price.

EX: Bitcoin will always have more momentum than XLE because it's price is $19000 (as of writing this) compared to XLE's price of $40 (as of writing this). But if you divide the momentum by price, you get a standardized value to better compare the 2.
This indicator can be used to compare everything on TradingView.

  • Positive values denote an uptrend
  • Negative values denote a downtrend
  • A value of 0 (or very very close to 0) denotes sideways price action


Side note: I only added functionality of smoothing for EMA and SMA for my personal uses, but if you want a version of this with another way of smoothing (e.g. HMA , SSMA, etc.) that you would like, the cost of me adding that for you is a follow on Twitter . Just DM me there :)
Release Notes: Added support for HMA (Hull Moving Average) for improved smoothing while eliminating indicator lag

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