Momentum indicator request

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Momentum indicator request

Postby BDarwin » Mon Dec 25, 2017 7:50 pm

Dear developer team,

long time I was a silent reader but now I'd be very happy if you'd program a little indicator, which should calculate the "close - open" range as well as the "close - high" and the "close - low" distance on a tick chart. That means that 4 values are used:
1. close = current prize
2. open = prize before 60 seconds*
3. high = the highest prize during the last 60 seconds*
4. low = the lowest prize during the last 60 seconds*
From here on it is simple to calculate the three measures (close - high, close - open, and close - low). The close - open may indicate the overall market momentum during the last minute, close - high gives the overall down momentum, and close - low the overall up momentum.

Since I'd like to know a threshold over/below which the up/down momentum is quite strong, I'd be happy if you'd calculate the same measures for the M1 chart of an asset (using the M1 bar's OHLC) and apply a Bollinger band with the period 1440 and 2 standard deviations on it. Then the value of the corresponding BB in the last minute before the current prize can be used as thresholds. To make all 3 measures having the same momentum threshold, I'd be very happy if you could normalize each of the measures in such a way that the BB border represents the +1 line (for the upper BB of close - open as well as the upper BB for close - low) and -1 line (for the lower BB of close - open and the lower BB for close - high).

Finally, the indicator should show 3 lines in 1 indicator window, where 1 line will always stay above 0 (close - low ∈ [0, +∞[), another line will always stay below 0 (close - high ∈ ]-∞, 0]), and the third line can have any positive or negative value (close - open ∈ ]-∞, +∞[).

Many thanks in advance!
* 60 seconds is just used as an example. It would be great if the user could use any number of seconds that builds a higher TF candle (60 for M1, 300 for M5, 900 for M15, etc.).
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Joined: Mon Dec 25, 2017 5:35 pm

Re: Momentum indicator request

Postby Apprentice » Fri Jan 05, 2018 7:40 am

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