Momentum LE
Definition
The Momentum indicator is a leading indicator measuring a security's rate-of-change. It compares the current price with the previous price from a number of periods ago. As the price increases, the momentum will increase. The ongoing plot forms an oscillator that moves above and below 0. It is a fully unbounded oscillator and has no lower or upper limit.
The Momentum LE generates a long entry order if the current bar's High is higher than the upper channel band of the previous bar. The trades are generated based on whether a symbol breaks out from a channel or not. The channel is dependent on the number of bars Length specified in the Length input.
This strategy will generate a long entry only. Use Momentum SE for entering a short trade.
Default Inputs
Price sets the price value to be used for calculation, close by default.
Length sets the number of bars used for calculation, 12 by default.
