Momentum SE
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 SE generates a short entry order if the momentum is lower than the upper channel band of the previous bar (below zero and decreasing). The signal will not generate an order if the strategy is in a short position already. The order is generated at the current Low minus 1 point. The channel is dependent on the number of bars Length specified in the Length input.
This strategy will generate a short entry only. Use Momentum LE for entering a long 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.
