This is an enhance version of Momentum 4 Ways [Salty] that shows 4 ways to calculate momentum and display each one along with their combined average value. This study was created to compare 4 different momentum values against their combined average using different display styles to allow the user to experiment with different views of momentum. - Added the ability to smooth the Average Momentum value. Default Smoothing value is 5. - Added the ability to use different average calculations. Default is WMA. - Added the ability to select the number of momentum values to average (1-4). Default is 4. - Added the ability to use VWAP instead of price as the input. The Smoothed Average Momentum line is color coded so that it is green when it is moving in the bullish direction and red when it is moving in the bearish direction.
Its really nice and perfect indicator ,it works best on 15 min timeframe ,i would like to suggest that can you add alert strategy when it turns from green to red or red to green
markmiotke
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@denishbpatel, Thank-you for the feedback. I haven't done any programming with alerts yet, but I would be happy to look into it. Thanks for the suggestion.
denishbpatel
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@markmiotke, I have done you can update for alert it works
bgcolor(color= AvgColor ? color.green : color.red , transp=85)
Sell = AvgColor1[1] and AvgColor
Buy = AvgColor[1] and AvgColor1
alertcondition(condition = Buy or Sell, message="{{ticker}} : {{close}} Momentum Color Change")
denishbpatel
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@denishbpatel, Add bracket 1 after AvgColor1 in sell and AvgColor in buy