Momentum Bars

Momentum Bars offers a different way to visualize momentum - and uses some simple TA concepts to provide a different perspective into how we read momentum changes and incorporate that in our trading. The idea here (and the script itself) is really super simple, and is inspired by Elder's Impulse System ( EIS ) - then evolved to leverage some other concepts, and to become less cluttering and "easier to read".

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Manufacturer: nt8indicators

SKU: MBARS

Vendor: nt8Indicators

$9.90

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The base concept comes from RedKTrader on TradinView (https://fr.tradingview.com/u/RedKTrader/) and utilizes 3 moving average lines :

the first line is a relatively fast MA with a short length - acts as the main price tracking line
the second line is slightly slower than the main line - 2 to 3 bars longer length - and will by default use the open value as source - this works better to identify when the closing price starts to move faster than the open (as in, bars more frequently close higher than they open) - this line acts as the signal line - there's an added setting for an additional delay that utilizes regular WMA smoothing - the delay acts to magnify the relative displacement between the 2 MAs
the third line is a much slower MA (length 5 to 6 x the fast line) - and acts as a filter or a baseline. When we're above that line, we should favor long positions - we're in bull territory. When we're below that line we favor short positions, and we're in bear territory. Adjust this line as it suits your trading style and time frame.
(As the original concept, I choose to use WMA as the MA type for the filter line .. and there's a good reason for that - which i'll skip for now - but in future versions, we can add other selectable MA types. )

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