Price Weighted Momentum

2020年11月24日

This indicator is a momentum indicator that is standardized by price. A.K.A (momentum / price)

The purpose of this indicator is to compare momentum between different assets regardless of price.

EX: Bitcoin will always have more momentum than XLE because it's price is $19000 (as of writing this) compared to XLE's price of $40 (as of writing this). But if you divide the momentum by price, you get a standardized value to better compare the 2.
This indicator can be used to compare everything on TradingView.

HOW TO USE/INTERPRET

• Positive values denote an uptrend
  
• Negative values denote a downtrend
  
• A value of 0 (or very very close to 0) denotes sideways price action
  

WHAT'S INCLUDED

• Price Weighted Momentum (Unsmoothed by default)
  
• Optional smoothing with either a simple or exponential moving average
  

Side note: I only added functionality of smoothing for EMA and SMA for my personal uses, but if you want a version of this with another way of smoothing (e.g. HMA, SSMA, etc.) that you would like, the cost of me adding that for you is a follow on Twitter. Just DM me there :)

2020年11月25日

發行說明

Added support for HMA (Hull Moving Average) for improved smoothing while eliminating indicator lag