PolychromMtm

Description

Polychromatic Momentum is a generalized Momentum study considering a number of Momentum values controlled by the length input. The greatest weight is given to the most recent Momentum value, while the precedent values are given lesser weight. Each Momentum value is assigned weight equal to inverse square root of Momentum distance (number of bars prior to the current bar). Then the sum of the weighted Momentum values is divided by the sum of the square roots.

It is considered a Buy signal when the plot surpasses the Buy level, and a Sell signal if it falls below the Sell level.

Input Parameters

Parameter Description
price The price used to calculate the Polychromatic Momentum.
length The number of bars used to calculate the Polychromatic Momentum.
bxo The Polychromatic Momentum buy level.
sxo The Polychromatic Momentum sell level.

Plots

Plot Description
PM Polychromatic Momentum.
BuyLevel Buying level, defined by "bxo" input.
SellLevel Selling level, defined by "sxo" input.

Example*

*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.

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