Candlestick Momentum Blau_CMtm - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

Author: Andrei N. Bolkonsky

William Blau's candlestick momentum indicator (q-period candlestick momentum) is described in the book "Momentum, Direction, and Divergence: Applying the Latest Momentum Indicators to Technical Analysis" .

Momentum is the difference between the current price (for example, the closing price of a bar) and the previous price (a few bars ago). Momentum can be applied to any time frame and period.

According to William Blau, candlestick momentum is defined as the change in price within a fixed range:

cmtm = off - on

Candlestick momentum can be positive or negative because when the closing price is greater than the opening price, upward momentum is positive; when the opening price is greater than the closing price, the opposite is true and downward momentum is negative.

The definition of candlestick momentum can be expanded:

Definition of q-period candlestick momentum

Candlestick Momentum Indicator by William Blau

Candlestick momentum is calculated as follows:

cmtm(price1,price2,q) = price1 - price2[q-1]

Smoothed q-period candlestick momentum is calculated as:

CMtm(price1,price2,q,r,s,u) = EMA(EMA(EMA(cmtm(price1,price2,q),r),s),u)

Attachment download

📎 blau_cmtm.mq5 (6.87 KB)

📎 williamblau.mqh (4.52 KB)

Source: MQL5 #377