OPEN-SOURCE SCRIPT
Momentum Bias Index [AlgoAlpha]
Description:
The Momentum Bias Index by AlgoAlpha is designed to provide traders with a powerful tool for assessing market momentum bias. The indicator calculates the positive and negative bias of momentum to gauge which one is greater to determine the trend.
Key Features:
Comprehensive Momentum Analysis: The script aims to detect momentum-trend bias, typically when in an uptrend, the momentum oscillator will oscillate around the zero line but will have stronger positive values than negative values, similarly for a downtrend the momentum will have stronger negative values. This script aims to quantify this phenomenon.
Overlay Mode: Traders can choose to overlay the indicator on the price chart for a clear visual representation of market momentum.
Take-profit Signals: The indicator includes signals to lock in profits, they appear as labels in overlay mode and as crosses when overlay mode is off.
Impulse Boundary: The script includes an impulse boundary, the impulse boundary is a threshold to visualize significant spikes in momentum.
Standard Deviation Multiplier: Users can adjust the standard deviation multiplier to increase the noise tolerance of the impulse boundary.
Bias Length Control: Traders can customize the length for evaluating bias, enabling them to fine-tune the indicator according to their trading preferences. A higher length will give a longer-term bias in trend.
The Momentum Bias Index by AlgoAlpha is designed to provide traders with a powerful tool for assessing market momentum bias. The indicator calculates the positive and negative bias of momentum to gauge which one is greater to determine the trend.
Key Features:
Comprehensive Momentum Analysis: The script aims to detect momentum-trend bias, typically when in an uptrend, the momentum oscillator will oscillate around the zero line but will have stronger positive values than negative values, similarly for a downtrend the momentum will have stronger negative values. This script aims to quantify this phenomenon.
Overlay Mode: Traders can choose to overlay the indicator on the price chart for a clear visual representation of market momentum.
Take-profit Signals: The indicator includes signals to lock in profits, they appear as labels in overlay mode and as crosses when overlay mode is off.
Impulse Boundary: The script includes an impulse boundary, the impulse boundary is a threshold to visualize significant spikes in momentum.
Standard Deviation Multiplier: Users can adjust the standard deviation multiplier to increase the noise tolerance of the impulse boundary.
Bias Length Control: Traders can customize the length for evaluating bias, enabling them to fine-tune the indicator according to their trading preferences. A higher length will give a longer-term bias in trend.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.
¿Quiere utilizar este script en un gráfico?
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Code: HNY2025
🚨Get premium: algoalpha.io
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❓Do you have feedback or indicator ideas? Join our server to tell us about it!
Code: HNY2025
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.