The Underlying Concept / What is Momentum?
The Momentum shown is derived from a Mathematical Formula, SUPERTREND. When price closes above Supertrend Its Momentum when its below Supertrend its Momentum. On the first bar momentum is detected a is made at the highest point of the previous condition. On the first bar momentum is detected a is made at the lowest point of the previous condition. As I become a better analyst I will find better techniques and this source code may become open-source, but as of now it remains protected. This indicator scans for & Momentum on the Timeframes selected by the user and when there is a shift in momentum on any of those time frames (price closes below or above SUPERTREND ) it notifies the trader with a Supply or with a unique color and Size to signify the severity of said level.
What is Severity?
Severity is How we differentiate the importance of different Highs and Lows. If Momentum is detected on a higher timeframe the Supply or is updated. The Color and Size representing that higher timeframe will be shown. Demand and Supply Levels made by higher Timeframes are more SEVERE then a made by a lower Timeframe.
- If you want to optimize the rate of signals to better fit your trading plan you would change the Factor input and ATR Length input. Increase factor and ATR Length to decrease the frequency of signals and decrease the Factor and ATR Length to increase the frequency of signals.
- to ensure the correct calculation of levels change BAR_INDEX. BAR_INDEX creates a buffer at the start of the chart. For example: If you set BAR_INDEX to 300. The script will wait for 300 bars to elapse on the current chart before running. This allows the script more time to gather data. Which is needed in order for our dynamic lookback length to never return an error(Dynamic lookback length cant be negative or zero). The lower the timeframe the greater the amount of bars need. For Example if I open up a 30 sec chart I would enter 5000 as my BAR_INDEX since that will provide enough data to ensure the correct calculation of levels.
Time Frame Inputs
- The indicator has 3 Time Frame Displays where you can choose how SEVERE You want the Levels. For Example: 1min, 3min, 5min, 15 min Levels, 60 min levels Weekly Levels, etc.....The higher the Timeframe Selected the more SEVERE the Level.
- Use the Amount of time Frames input to increase or limit the amount of time frames that will be displayed onto the chart.
- The toggle (Trend or Basic) option Lets the trend determine the colors of the Levels or Basic where the color is strictly based on if its a high or a low ( Trend = HH,HL,LL,LH)
- Toggle options (Close) and (High & Low) creates Levels using the Lowest close and Highest close or using the Lowest low and Highest high.
Toggle on both or toggle off both in order to use both these values when determining the trend of your chart. For Example this would mean (Price has to close higher then the highest high. Not only make a higher high or a
higher close) and the inverse (Price has to close lower then the lowest low. Not only make a lower low or a lower close)
How Trend Is being Determined ?
(Previous > Current ) if this statement is true then its s LH so the trend is if this statement is false then its a HH so the trend is
(Previous > Current ) if this statement is true then its a LL so the trend is if this statement is false then its a HL so the trend is
(Close > Current ) if this statement is true technically price made a HH so the trend is
(Close < Current ) if this statement is true technically price made a LL so the trend is
- Fully customize how you display and label Market Structure in specific timeframes. Line Length, Line Width, Line Style, Label Distance, Label Size, Label Background Size, and Background Color can all be customized.
- Lastly Is the Trend Chart. To Easily verify the current trend of any timeframes displayed by this indicator toggle on Chart On/Off . You also get the option to change the Chart Position and the size of the Trend Chart
*****The Current charts timeframe has to lower then a month to ensure correct calculation of Levels*****
How it can be used ?
(Examples of Different ways you can use this indicator) : Easily categorize the severity of each and every Supply or in the market (The higher the time frame the stronger the level)
: Quickly Determine the trend of any Timeframe
: Get a consistent view of a market and how different time frames are behaving but just use one chart.
: Take the discretion from hand drawing lines out of your trading
: Find and categorize strong levels for potential breakouts
: Trend Analysis, Use multiple time frames to create a narrative based on observable facts from these time frames
: Different Targets to take money off the table
: Use labels to differentiate between different setups
: Find Great places to move your stop loss too.
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