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Velocity (often called "smooth momentum" because it is much smoother than momentum and doesn't lag at all) and adds 3 types of normalization:
Also, because velocity (even when normalization is applied), rather than being an indicator with fixed bounds, this indicator uses floating levels for what are commonly called overbought and oversold levels (+ floating adds a "zero" line). What looks like "fixed levels" is easily achieved if you use longer periods of floating levels, in which case the levels are very similar to fixed levels.
The indicator has the usual set of prices and alerts (depending on 3 types of coloring options) and is already a multi-timeframe version.
The indicator can be used like any momentum indicator (in which case the recommended coloring mode is to use slope coloring or "zero" intermediate level cross coloring), or it can be used as a "trend" indicator, in which case it is better to use coloring on outer level crosses, and in which case longer calculation periods are recommended.
Attachment download
📎 velocity_-_normalized.mq5 (35.62 KB)
Source: MQL5 #17013
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