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Momentum Indicator to reference Volume not Price
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Momentum Indicator to reference Volume not Price

  #1 (permalink)
Trading Apprentice
Trading Experience: Intermediate
Platform: Tradestation
Favorite Futures: CL, HO, TF, NQ
Posts: 5 since Feb 2015
Thanks: 1 given, 0 received

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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  #2 (permalink)
Hamburg Germany
Trading Experience: Advanced
Platform: Multicharts, Tradestation
Broker/Data: DTN IQ
Favorite Futures: ES
Posts: 1,888 since Apr 2013
Thanks: 311 given, 1,168 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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