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Momentum Indicator For Trend Confirmation

 Momentum Indicator For Trend Confirmationis very simple yet powerful Amibroker afl. It consiste of RSI, EMA and Histogram. The main thing to focus on in RSI and EMA crossover. It gives you clear buy or sell signals. Just follow the crossovers and make your entry accordingly. This afl can be used in Swing as well as intraday trading in any time frame.
Momentum Indicator For Trend Confirmation
Momentum Indicator For Trend Confirmation


MomentumValues = ParamField( "Field" ) - Ref(ParamField
( "Field" ), -12);
Plot( MomentumValues, "myMomentum_12_Days", colorRed, styleLine);

DonchianUpper =HHV(Ref(H,-1),pds);
DonchianLower = LLV(Ref(L,-1),pds);
DonchianMiddle = (DonchianUpper+DonchianLower)/2;

deltaDonichanPrice = Close - DonchianMiddle;

Plot(deltaDonichanPrice, "myBBSqueeze",colorBlack, styleHistogram |styleThick );

value2 = (Close - (( DonchianMiddle + EMA(Close, 20) )/2) );

Plot(value2, "value2",colorRed, styleHistogram | styleThick );

P = ParamField("Price field",-1);
Periods = Param("Periods", 15, 2, 200, 1, 10 );
Plot( EMA( P, Periods ), _DEFAULT_NAME(), ParamColor( "Color",
colorCycle ), ParamStyle("Style") );

//CODE END ****************************************
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