Time Momentum - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

Real author:

To explain how to use this indicator, Larry summarizes the book "Long-Term Secrets of Short-Term Trading" by Williams.

“Range is all the distance traveled by an active person every day, week, month, for one year, and possibly for the second year. Think of range as the distance traveled by price during any study period.

Small ranges are followed by large ranges, and large ranges are followed by small ranges. It works like clockwork and is the key to profitable short-term trading.

The fortune teller does not need to exaggerate existing facts or make them fit. That's how it was, and always will be, that we are constantly receiving signals from profitable bars that benefit from early warning on a large scale on a small scale.

An absolute truism about days with high volatility: Up days generally range in direction with openings closer to the lows and closings closer to the lows to the maximum. A wide range of trading days with a low opening price is close to the high price and the closing price is close to the low price.

This means there are two things you should consider in your trading. The first is that if we are "up" on the day because we think there will be a large range, then don't look for a buy point below the open. On days when there is a large directional range, there are few transactions and the price is lower than the opening price of the day. This means that you should not look for the possibility of buying substantially below the opening price.

By the same token, if you think you've caught the tiger by its tail, it's the possibility that gives a wider range of a day where price is materially below the open and the potential for a sharp upward move to be significantly reduced.

This is a very important time to understand the secret to profitable short-term trading. Don't drop it.

The indicator was first implemented in MQL4 and published in the code base in mql4.com on April 26, 2010.

Figure 1 Time Momentum Indicator.

Attachment download

📎 momemtintime.mq5 (6.05 KB)

Source: MQL5 #1187