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The Momentum BB Lines is an indicator, which is similar to the MACD BB Lines. However, it is not based on the MACD, but on a smoothed, balanced momentum.
The balanced momentum is obtained, when the input value one period ago is replaced with a triangular moving average. This avoids that wide ranging bars which drop out of the momentum calculation have an impact on the momentum line.
The balanced momentum is exponentially smoothed with a selectable smoothing period. The BB Lines are Bollinger Bands, which use the same period for the standard deviation as is used for the balanced momentum before smoothing. The Bollinger Bands are applied to the smoothed momentum.
Different colors can be selected for a rising and falling smoothed momentum and for dots outside and inside the Bollinger Bands.
The indicator has an option to plot paint bars showing whether the smoothed momentum is sloping up or down and whether it is outside or inside the Bollinger Bands.
Category NinjaTrader 7 Indicators
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