Directional smoothed momentum
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. 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 Directional smoothed 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
Calculation
The calculating method is deviation when compared to usual momentum calculation. Momentum is calculated as a sum of absolute differences of current price to the price 1 period ago and then compared to the ratio of current price to the price several (N) periods ago.
ABS MOMENTUM = SUM(ABS(CLOSE(i)-CLOSE(i-1))
MOMENTUM = CLOSE(i)>CLOSE(i-N) ? ABS MOMENTUM : - ABS MOMENTUM
where:
CLOSE(i) — is the closing price of the current bar;
CLOSE(i-1) — is the closing bar price 1 periods ago.
CLOSE(i-N) — is the closing bar price N periods ago.
PS: the "big picture" comparison of this momentum and the regular momentum and the comparison of the decision points
