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Momentum Indicator to reference Volume not Price
Started:March 26th, 2016 (04:36 AM) by Stormkicker Views / Replies:301 / 1
Last Reply:March 26th, 2016 (08:31 AM) Attachments:0

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Momentum Indicator to reference Volume not Price

Old March 26th, 2016, 04:36 AM   #1 (permalink)
Trading Apprentice
Futures Experience: Intermediate
Platform: Tradestation
Favorite Futures: CL, HO, TF, NQ
Posts: 4 since Feb 2015
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Momentum Indicator to reference Volume not Price

Can anyone point me in the right direction regarding Easylanguage? I would like to have the Tradestation Momentum indicator reference volume instead of price. I have replaced "Mom = Momentum( Price, Length )" with "Mom = Momentum( Volume, Length )" (in red text) but when I do this the indicator appears very different on the screen and therefore no good. With this in mind I guess there is more to it? The code is below. Any pointers on this would be appreciated.


intrabarpersist InAChart( false ),
Mom( 0 ),
Accel( 0 ),
ColorLevel( 0 ) ;

InAChart = GetAppInfo( aiApplicationType ) = cChart ;
end ;

Mom = Momentum( Volume, Length ) ;
Accel = Momentum( Mom, 1 ) ; { 1 bar acceleration }

Plot1( Mom, !( "Momentum" ) ) ;
Plot2( 0, !( "ZeroLine" ) ) ;

{ gradient coloring }
if UseGradientColoring then
ColorLevel = NormGradientColor( Mom, true, ColorNormLength, UpColor, DnColor ) ;

if InAChart then { study is applied to a chart }
SetPlotColor( 1, ColorLevel )
else { study is applied to grid app }
SetPlotColor( 1, GridForegroundColor ) ;
SetPlotBGColor( 1, ColorLevel ) ;
end ;
end ;

{ alert criteria }
if AlertEnabled then
if Mom > 0 and Accel > 0 then
Alert( !( "Indicator positive and increasing" ) )
else if Mom < 0 and Accel < 0 then
Alert( !( "Indicator negative and decreasing" ) ) ;

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Old March 26th, 2016, 08:31 AM   #2 (permalink)
Hamburg Germany
Futures Experience: Advanced
Platform: Multicharts, Tradestation, Multicharts.NET, NinjaTrader, MetaTrader
Broker/Data: DTN IQ
Favorite Futures: ES
Posts: 1,109 since Apr 2013
Thanks: 188 given, 624 received


check out the build in volume indicator. Depending on the bar type you are using the reserved word volume won't return the correct value. The volume indicator shows how to get the correct value depending on the bar type.



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The following user says Thank You to ABCTG for this post:

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