Copy of Indicator access


Momentum X Indicator Access 

How To Apply on Chart :

Indicator Link - 

https://in.tradingview.com/script/hoThSjcl-Momentum-X/

 

https://in.tradingview.com/script/hoThSjcl-Momentum-X/

How to Use:

1. Follow the link & Add this Indicator to favourites

2. Go to charts > Indicators . Under Favourite tab you will find the Momentum X Indicator. Apply it to your chart.


Indicator Settings :

General Settings:

  1. Source: Choose the data source, like the closing price of a stock, that you want to use for your calculations.
  2. defval: A backup number to use if another setting isn't specified, usually a simple number.
  3. Max Bars to show signals: Limits how many bars/candles on the chart will show signals. Increase this number for better accuracy of the indicator.
  4. FCount: Select how many features (like indicators) you want to use, anywhere from 2 to 5.
  5. CC: Controls how often the colors on the chart change; a higher number means fewer changes.
  6. Use Dynamic Exits: Turn this on to let the system decide the best time to exit trades based on current market conditions.

Trade Stats Settings:

  1. Show Trade Statistics: Turn this on to see detailed statistics about trades, helping you understand how well your strategy is performing.

Filters:

  1. Use Volatility Filter: Turn this on to avoid trading when the market is very quiet or not moving much.
  2. Use Regime Filter: Turn this on to trade differently depending on whether the market is trending or moving sideways.
  3. Threshold (Regime Filter): Set a value to decide when the market is trending or not, based on this filter.
  4. Use ADX Filter: Turn this on to only trade when the ADX indicator shows a strong trend.
  5. Threshold (ADX Filter): Set a value to decide what is considered a strong trend according to the ADX filter.

Feature Engineering:

  1. Feature 1, 2, 3, 4, 5: Pick different technical indicators (like RSI, WT, CCI, ADX) to include in your model.
  2. Parameter A and B for each Feature: Set specific values (like how many days to look at) for each chosen indicator.




Feature 1, 2, 3, 4, 5: Selecting Technical Indicators

Technical indicators are mathematical calculations based on historical price, volume, or open interest data that traders use to predict future price movements. By including different technical indicators in your trading model, you can gain various insights into market conditions. Here are explanations of the example indicators mentioned:

1. Relative Strength Index (RSI)

  • Purpose: Measures the magnitude of recent price changes to evaluate overbought or oversold conditions.
  • Details: RSI is a momentum oscillator that ranges from 0 to 100. Readings above 70 typically indicate that an asset is overbought, suggesting a potential sell opportunity, while readings below 30 suggest that an asset is oversold, indicating a potential buy opportunity. RSI helps in identifying potential reversal points.

2. WaveTrend Oscillator (WT)

  • Purpose: Identifies trend reversals and overbought/oversold conditions.
  • Details: The WaveTrend Oscillator is a custom indicator that combines aspects of both momentum and volatility. It helps traders spot potential reversal points in a trend by analyzing the oscillation of price movements. It typically includes a signal line to provide clear buy or sell signals based on crossovers.

3. Commodity Channel Index (CCI)

  • Purpose: Measures the deviation of the price from its average price over a given period.
  • Details: The CCI helps identify cyclical trends in a market by comparing the current price level to the average price over a specified period. Values above +100 suggest an asset is overbought, while values below -100 indicate it is oversold. CCI can be used to spot potential entry and exit points.





4. Average Directional Index (ADX)

  • Purpose: Measures the strength and direction of a trend.
  • Details: The ADX is a trend strength indicator that ranges from 0 to 100. Values above 25 typically indicate a strong trend, while values below 20 suggest a weak trend. ADX is often used alongside the +DI and -DI lines, which indicate the direction of the trend. A rising ADX line indicates a strengthening trend, whether bullish or bearish.

5. Bollinger Bands

  • Purpose: Measures market volatility and identifies overbought or oversold conditions.
  • Details: Bollinger Bands consist of a middle SMA and two standard deviation lines (upper and lower bands) plotted above and below the SMA. When prices move closer to the upper band, the asset is considered overbought, and when they move closer to the lower band, it is considered oversold. The width of the bands adjusts based on market volatility, providing a dynamic range for price movements.

 

Moving Average Filters:

  1. Use EMA Filter: Enable this to trade based on the trend indicated by the Exponential Moving Average (EMA)
  2. EMA Period: Choose the number of days for the EMA, which smooths out price data to show trends.
  3. Use SMA Filter:  Enable this to trade based on the trend indicated by the Exponential Moving Average (SMA)
  4. SMA Period: Choose the number of days for the SMA, which smooths out price data to show trends.





Kernel Settings:

Trade with Kernel:

  • Explanation: This setting enables the use of Kernel Regression for making trading decisions. Kernel Regression is a statistical method used to predict future prices based on historical data. Turning this on means the system will use this predictive technique to inform buy or sell actions.

Show Kernel Estimate:

  • Explanation: When this option is enabled, the Kernel Regression estimate will be displayed directly on your chart. This visual representation helps you see the predicted trend line, giving you insight into potential future price movements.

Enhance Kernel Smoothing:

  • Explanation: Activating this feature applies additional smoothing to the Kernel Regression colors on the chart. This reduces noise and makes the visual representation of the regression line clearer and easier to interpret.

Lookback Window:

  • Explanation: This setting allows you to choose the number of past bars (or days) the Kernel Regression should consider. A longer lookback window generally provides a smoother estimate but may be less responsive to recent changes, while a shorter window is more responsive but can be noisier.

Relative Weighting:

  • Explanation: This determines the importance assigned to different time frames within the Kernel Regression. By adjusting the relative weighting, you can influence how much recent versus older data impacts the regression estimate, allowing for a tailored approach to different market conditions.

Regression Level:

  • Explanation: This setting lets you choose the starting point for the Kernel Regression on the chart. It defines the initial level from which the regression analysis begins, impacting the overall shape and positioning of the regression line.

 

Lag:

  • Explanation: Introducing a lag to the Kernel Regression helps delay the detection of crossovers. This can be useful for avoiding false signals caused by short-term fluctuations, ensuring that trading decisions are based on more reliable, confirmed trends.

 

Alerts:

  1. Open Position ▲▼: Alert you when to open any position, either long or short.
  2. Close Position ▲▼: Alert you when to close any position, either long or short.



The Momentum-X indicator is designed to work smoothly on all time frames and with different financial instruments on TradingView.

Its versatility allows traders to harness its power regardless of the specific time frame or financial instrument they're analyzing.

You have the flexibility to adjust the settings of the indicator according to your preferences.

Feel free to experiment with it on various scripts and incorporate it into your trading strategy.

By implementing proper risk-reward ratios and effective money management techniques, you can achieve remarkable results.

Feel Free to contact us on support@momentumx.pro