Corr momentum
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Corr momentum
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Corrected momentum indicator.
If the period of the "correction" is set to <0, then the calculated value is the same as the momentum (if you compare it to the built in momentum, add 100 to it and then the values are going to be exactly the same).
In any case, the "correction" was added to the momentum in order to filter out many false signals that momentum tends to have (if you try to use momentum based on the slope, it will lead you to anything but usable indicator - the "corrected" method changes that and turns the momentum indicator into a much more usable indicator).
Alerts are included already. Depending on color choice the alerts are triggered too. Possible color /alert choices are:
on outer level cross
on middle level cross
on slope change
on original momentum value cross (when "corrected" value is used as a kind of a signal line compared to original value)
As usual, some experimenting advised with the parameters. Defaults are set to roughly turn momentum indicator into momentum (and) short term trend combination:
