Corr Momentum - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
Modified Momentum Indicator.
If the period "correction" is set to <0, then the calculated value is the same as the momentum (if you compare it to the built-in momentum, add 100 and the values will be exactly the same).
In any case like this, a "correction" is added to momentum to filter out the momentum which tends to give many false signals (if you try to use slope based momentum it will take you to any of the available indicators - the "correction" approach changes this and reverses the momentum indicator into a more useful indicator).
Alerts are included. Depending on the color selection, an alarm will also be triggered. Possible color/alert choices are:
As usual, some experiments are suggested using parameters. The default settings turn the momentum indicator roughly into a momentum (and) short-term trend combination:
Attachment download
📎 corr_momentum.mq5 (25.88 KB)
Source: MQL5 #17252
Corr Momentum - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
Corr Momentum - MetaTrader 5 Script | Foreign Exchange Indicator Download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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