Momentum

The Momentum indicator calculates and plots the net change, expressed in points, between each bar's price, as specified by the Price input, and that price the number of bars ago specified in the Length input.

Description

When the default settings are used, the indicator calculates and plots the net change between the close of a bar and the close ten bars earlier. It allows to see a trend in its development and possible trend reversals. It may also help to identify overbought and oversold conditions when the Momentum is extremely strong or weak.

Default Inputs

Price( close ) sets the price used for Momentum calculation.

Length( 12 ) setsa the number of bars for Momentum calculation.

ColorNormLength( 14 ) sets the number of bars used to normalize the indicator for gradient coloring.

UpColor( yellow ) sets the color used for values that are relatively high over ColorNormLength bars. Set to -1 to disable gradient color plotting.

DnColor( red ) sets the color used for values that are relatively lowover ColorNormLength bars. Set to -1 to disable gradient color plotting.

GridForegroundColor( black ) sets the color used for numbers in Scanner when gradient coloring is enabled.

Plots

Momentum plots the Momentum line.

ZeroLine plots a reference line at zero.

The plots will be desplayed in a separate subschart.

When disabled, Momentum is determined by the indicator properties.

ZeroLine plot color always comes from indicator properties dialog box.