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

This indicator is based on momentum and trend direction analysis of its multiple signal lines. The signal line calculation algorithm is as follows. We have indicator input parameters as source data:

Any period value in multiple signal lines is calculated using an arithmetic series:

SignalPeriod(Number) = StartLength + Number * Step

The value of the numeric variable ranges from zero to StepsTotal. The obtained period values ​​are added to the variable array and used at each indicator tick to obtain an array of smoothed RSI indicator values. Calculate the current trend direction for each smooth and determine the number of positive and negative trends for the entire array of RSI smooth values. The final positive and negative trend numbers are sequentially smoothed and used as indicator lines to form colored clouds with the help of draw_fill style class.

The trend direction of this indicator is determined by the color of the clouds, while its strength is determined by the width of the clouds. You can use overbought (UpLevel) and oversold (DnLevel) levels, which are set as a percentage value of the indicator's maximum amplitude.

In addition, the indicator offers the possibility to determine the direction of the speed of change in trend strength displayed in color squares. If the trend strength increases, the color of these squares will match the color of the cloud, otherwise, the squares will be colored in the opposite color.

The smoothing algorithm can be chosen from ten possible versions:

It should be noted that the Phase parameters of different smoothing algorithms have completely different meanings. For JMA, it is an external phase variable that varies from -100 to +100. For T3, it is the smoothed ratio multiplied by 100 for better visualization; for VIDYA, it is the CMO oscillation period; for AMA, it is the slow EMA period. In other algorithms, these parameters do not affect smoothing. For AMA the fast EMA period is a fixed value, equal to 2 by default. For AMA, the ratio of raised powers is also equal to 2.

The indicator uses the SmoothAlgorithms.mqh library class (must be copied to terminal_data_folder\MQL5\Include). The use of the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.

Attachment download

📎 smoothalgorithms.mqh (133.8 KB)

📎 ultramomentum.mq5 (13.9 KB)

Source: MQL5 #741