The MomentumLE strategy generates a Long Entry signal when Momentum is rising. This strategy emulates a stop order at a certain price level: a signal is generated for the next bar at this level if the condition is fulfilled. This price level can be reached at the next bar's opening or during the course of trading.

Momentum is calculated as the velocity of change in price over the specified number of bars. When the Momentum becomes a positive value and continues rising, the Long Entry signal is generated at the current High price plus one point (inverted value of the "price scale" parameter). Note that if the next Open price is greater than the current High plus one point, it is considered a price level to generate the signal at.


Input Parameters

Parameter Description
length The number of bars to calculate the Momentum.
price scale The number, inverting which an increment for the current High price is calculated. The sum of the inverted price scale value and the current High price defines the signal price level.
price The price used in calculations of Momentum.