MultiCharts - Momentum BB Lines
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Momentum BB Lines 5 *
This is the conversion of the NinjaTrader 7 "Momentum BB Lines" indicator to MultiCharts.

According to FatTails, the developer of the NinjaTrader indicator:

Quoting 
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 momentum. 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.

Since the Momentum BB Lines indicator uses multiple colors, I've chosen to hard code these in the indicator to prevent cluttering of the MultiCharts status line. Changing the code to different colors is quite easy, and here you can find a list of RGB colors to use.

This indicator also includes the Momentum Modified indicator that was included in the original NinjaTrader indicator.

If you like this indicator, please go over to this page and give the original author of this indicator (FatTails) a thanks.


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February 7th, 2012
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Keywords: bollinger momentum oscillator
 


 
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