PRO Momentum

2017년 6월 25일

INVITE ONLY SCRIPT:

FEATURES:
As its name suggests, PRO Momentum provides non-subjective momentum analysis to traders through automatic pattern detections, covering a wide range of statistically relevant structures in both ranging and trending contexts. Our goal was to provide a professional grade risk management tool capable of providing various signals, which guide the trader in its decision to engage or not in a certain price area filtered by Framework. Nevertheless, both indicators are complex tools requiring extensive learning. To support students in their journey, there is a wide open online community of users in our Discord channel, providing peer-to-peer assistance to progress with the strategy as well as tutored courses.

OUTPUTS:
To share a brief description of the PRO Momentum functioning, we will scroll through the major set of outputs that are presented to the user. Please note that the indicator is meant to assist from Junior to Senior expertise, to achieve this we have set different base templates right into the indicators. To keep this description simple, we will present the outputs you’ll see with the beginner setup:

• Momentum Signals: As shown on the chart, there are multiple types of output signals, each corresponding to different momentum patterns. Detailed documentation is available on our website for those seeking in-depth information. Here's a high-level overview: The patterns are divided into three categories, each represented by different colors. Blue and Red signals are used in trending contexts, Gray signals are for ranging contexts, and dark-colored signals are exclusive to reversal contexts, suitable for more experienced traders. Momentum signals are binary outputs, making it easy for users to set alerts. The indicator includes built-in alerts for these groups to streamline the process. However, it’s crucial to remember that momentum signals are not standalone trading signals. The Framework indicator must first filter interesting prices and identify the context. Only then should traders use momentum signals to adjust risk.
  
  
• Sinewave Oscillators: Cyclical analysis is a critical aspect of professional risk management. Markets naturally oscillate, and significant statistical probabilities can be derived from cycle studies. We use a custom-modified version of Ehlers’ sinewave methodology. Cyclical analysis, while somewhat predictive, scans past prices to predict probable future states. Since markets are inherently unpredictable, cycle analysis is used as a confirmation signal in our strategy. Essentially, we filter out all momentum signals that occur outside favorable cyclical conditions. Bearish signals are only exploited if the sinewave is in the top area of the oscillator, and vice-versa for bullish signals.
  

GENERAL STRATEGY:
Overall, the PRO Strategy combines two “core” indicators, Framework and Momentum. Framework is plotted on the main chart section as an overlay, it is definitely the most important as it guides the user through the hard process of filtering prices and timeframes that are suitable for technical analysis. On the other hand, PRO Momentum is on a separate oscillator tab under the chart section, it will study the momentum and cyclical structure, also offering automated pattern detection. Ultimately, our strategy is based on collecting and processing non-subjective rules, emanating from the indicators outputs. Essentially, this means that the indicator actually takes care of producing all the necessary binary outputs, leaving you with the remaining task of combining them correctly following the strategy’s patterns.

RISK LIMITATION:
Even if we provide automated momentum signal detection, there is no “one-click” or "easy-win” solution, the user still needs to carefully review the elements. When applicable pattern rules are confirmed, the user will gather risk-limitation information from both indicators (breakout targets, price confirmations, momentum and cyclical coordination) and decide whether or not to trade according to its own risk profile. If so, the position sizing, stop-loss positioning, risk management and profit targets will all be defined according to the same indicator’s outputs. This effectively suppresses most behavioral and personal biases the trader could introduce, creating a stable and statistical risk management structure aiming for a durable profitability.

2017년 9월 23일

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Added a few new conditions and removed the BREAK signals (feedback tend to tell that people were confiused by this signal).
Also added a visual text message to signal if current bar is overbought/sold another option does the same for Overloads (you can turn this feature off via the settings).
Darj version should be released soon for those who use the TradingView's dark theme !
Check my profile's script folder to find them.

2017년 12월 27일

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Changed the display of Overload Signals to gray dots... I'll update the PDF Manual in early 2018.

2018년 1월 19일

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Added the signal detection algorithm ! You'll now see a message saying "BEAR SIGNAL" or "BULL SIGNAL" on momentum when there is confirmation. Use these signals to confirm Sinewave signals ;)
It's just easier for you now cause the algo is doing the interpretation job for you ! Right now on Momentum you'll have a simple reading !
Bull confirmation, Bear confirmation, no confirmation ! Can't make it easier !

2018년 1월 28일

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Minor changes !

2018년 1월 29일

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Small bug corrected

2018년 2월 15일

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MAJOR UPDATE :
- Added quite some new patterns
- Improved the Overbough/Oversold/Overload detection
- Removed some alerts that were useless since the last TradingView update of their alert system...
(now you can choose to trigger alerts at bar close so use this to have confirmed signals)

2018년 2월 25일

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Minor update (a few new patterns added)

2018년 2월 26일

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minor bug correction

2018년 2월 26일

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minor update : one new bull/bear pattern added.

2018년 3월 1일

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added one more BULL/BEAR pattern

2018년 3월 1일

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Corrected the "no depth at index" error on LTCUSD charts

2018년 3월 4일

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added a TP pattern.

2018년 3월 16일

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Added one new bull/bear pattern.

2018년 3월 28일

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Added one TP pattern

2018년 3월 30일

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Added one more TP pattern & corrected a bug on a BULL/BEAR pattern

2018년 4월 1일

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Added an Exit pattern

2018년 11월 27일

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*** MAJOR UPDATE ***
This one comes along the release of PRO Framework indicator.
The Strategy application will be reviewed and simplified to help user learn faster how to properly use those tools !
The website will be updated soon as well.
Users will also soon be notified via Email when the overall update process will be dealt with and that the new video tutorial content will be done.

2018년 12월 7일

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Minor Update (v1.6) :
Standard Divergence will now be colored gray instead of blue/red. As these signals require visual confirmation and remain risky to trade for reversals.
(Hidden Divergences will remain colored blue/red)

USER REQUEST ADDED :
There is now a dummy signal output available to trigger alerts on Sinewave + Momentum trading signals.
This output is called "Signals...". Select this output on the alert tab and use trigger condition greater than set with 0 as value for bull alerts / less than 0 for bearish ones.

2019년 1월 13일

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Removed the Alert output.
To create on Sinewave + Momentum OK signals you now have a specified alert.
On the Alert window, select PRO Momentum as input, then among the trigger conditions, you should find "BULL OK" and "BEAR OK" on top of the list. These two conditions will trigger when both the Momentum & Sinewave are displaying OK signals to buy. Simply select the desired trigger option for the alert and you're done !

2019년 7월 4일

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minor update v1.8 : (variable optimisation)

2019년 8월 19일

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*** Minor Update *** (v1.9)
- Updated to support use of the seconds timeframe based charts
- Added two new built-in alerts :
> Reversal Signal Alerts (when TP or EXIT signals trigger with a Sinewave cycle confirmation)
> Trend Signal Alerts (when BULL/BEAR and colored DIV signals trigger with a Sinewave cycle confirmation)
This was a user request but this feature is for experienced traders only. Remember that you must never read the Momentum prior to your context identification and price filtering !!! If you dare trading a signal just by itself... you'll be dead sooner or later.

2019년 11월 5일

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*** MAJOR UPDATE *** (v2.0)
Now fully supporting the pine script V4.0.
Added two new EXIT patterns
Fixed an issue with alerts on "Reversal Patterns"

2020년 5월 20일

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*** Compatibility Update ***
Fixed the bug from latest tradingview update.
Nothing has changed on the indicator itself.

2021년 3월 15일

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*** MINOR UPDATE *** (v2.1)
Updated a few patterns (shouldn't make a significant difference for previous signals)

2021년 10월 13일

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*** MAJOR UPDATE *** (v5.0)
Now fully supporting the pine script V5.0.
Added support for DARK THEME (option has to be turned on via the settings)
Added an option to display the current momentum value as a digit (option can be turned off via settings)

2022년 12월 25일

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*** MAJOR UPDATE *** (v5.2)
Introducing the "Level Progression" system. When the indicator is first plotted it will ask you to choose your current level with the strategy. The indicator will then display only the relevant pieces. This is meant to make the indicator adaptive as you progress with the different contexts (range, trend, volatility).