PRO_Indicators

PRO Momentum

[---> ZOOM IN THE CHART TO GET BETTER SIGHT ! <--- or look at the picture version if render is messy : https://fr.tradingview.com/x/WRRVGBRH/
(INVITE ONLY indicator. Access to all my indicators for a symbolic 1€/day subscription + FREE WEEK TRIAL)
Please don't post comment to ask for unlock... if you want to try it out, simply follow the link at the bottom and trigger your trial !

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Code is available via INVITE ONLY and can only be unlocked by subscription plan.
THE PRICING IS FOR ALL MY INDICATOR AND IS A SYMBOLIC 1€/DAY + A FREE 1 WEEK TRIAL so you'll be sure not to get caught into something you don't like ! Only something you use daily !
Subscriptions are handled by Paypal and you can choose billing cycle from standard monthly payment to as low as the 1€ daily billing. Recurrent payments that you can stop at ANY TIME.
To get your access visit : http://pro-indicators.com/subscription


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PRO MOMENTUM IS BASED ON MY OWN SECRET MOMENTUM FORMULA + A SMART SIGNAL ALGORITHM :
Everyone likes RSI for its fast and no lag response to prices, but of course this brings its own inconvenience, RSI is ofter harsh and hard to filter when it's noisy. There's also a lot of people that like MACD, that's the opposite, this one uses averaging to smooth things ! Of course the result is clean but this is at the big cost of excessive lag introduction.. MACD is alway too late ! I wanted to have somthing right in the middle... no to harsh and not too laggy.. Here comes PRO Momentum's exclusive formula. But no worries if you're into RSI you'll be able to use it anyway !
Cause the heart of this indicator is not just its formula.. its more about the core algorythm that reads it and trigger out signals. Of course this algorithm is way more complicated than just searching for overbought/oversold or divergences like most others will.
This one is also (as Sinewave) the result of 3 years of fine tuning and the filter algorithm is almost 500 codelines of complex conditions ! This is nearly a built-in strategy in itself.
The indicator is not just giving buy/sell signals, it also detects two additional, and very important informations about momentum :
  • Overbough/Oversold conditions (highlighted on specific bars not like a simple Stochastic would do when its above 80 or below 20)...
  • Overload conditions which is slightly different from overbough/sold. Its actually the precise point where the momentum is reaching exhaustion and is likely to reverse at short term, or it will need to take stops in order to continue. That second part is really important. Cause Overloads will be key momentum level where two different things can happen. Market can eitherl fail and probably return to previous supports/resistances, or, market succeed to break a key level to chase stops above it. Having these signals on chart is really lifesaving sometimes ! Specially to assess the potential risk of false breakouts.

Aside from PRO Momentum itself, there also another important thing to talk about, it's the Sinewave/Momentum integration. That's a very nice couple out there ! One filling the gaps of the other. Of cource cycle analysis an momentum tend to give signals with the same timing, but their sources are totally uncorrelated wich makes them cumulative. Not like adding a stochastic to an RSI which are basically two different calculation of the same thing ! The quick exemple above shows very well how the couple can work using Sinewave's rules and strategy and simply adding a Momentum layer there to help confirming (or contradict sometimes) the signals.

Allright folks ! Hope I caught your interest with these indicators !
Don't hesitate to comment as well if you have any question suggestion or review to shar
Notes de version: ****** MAJOR UPDATE ******
introducing :

You now have everything needed to take the best out of these indicators !
Notes de version: Added a few new conditions and removed the BREAK signals (feedback tend to tell that people were confiused by this signal).
Also added a visual text message to signal if current bar is overbought/sold another option does the same for Overloads (you can turn this feature off via the settings).
Darj version should be released soon for those who use the TradingView's dark theme !
Check my profile's script folder to find them.
Remove from Favorite Scripts Add to Favorite Scripts
Will this indicator work with cryptocurrency?
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@Jarokie, PRO Momentum will work fine on cryptos just like any other momentum based oscillator like RSI or whatever.
Moreover on cryptos which prices are mainly driven by momentum. I'm not a crypto specialist, but momentum seems like a good tool to me for these kind of assets.
And remember to trade the momentum, not trading against it and trying to search divergences to trade against the trend ;) Typical mistake !
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slayworm PRO_Indicators
@PRO_Indicators, why would you consider trading divergences against the trend a mistake?
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@slayworm, This can be considered only when sinewave is validating a possible reverse in the trading cycles. If you trade momentum alone and try trading counter trend only with divergences, believe me that's a terrible mistake. Some trades will work, some won't but in the end you wont have much of a profit return
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PRO_Indicators TOP PRO_Indicators
@PRO_Indicators, The divergence is more like a taking profit signal when you're in trend rather than a signal to agressively enter against that trend. Anyway my point wasn't to say that trading divergences were a mistake, only saying that I've seen soooo many beginners trading poorly with it (me included back then) that I wanter to warn you about that !
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