smoother momentum
Info
The smoother momentum is a Indicator for MetaTrader 5 that momentum indicator is one of the frequently used indicators in technical analysis. but it has one "issue": it is a very "nervous" indicator - the values it displays are far from being smooth, and that can cause a lot of false signals in a lot of cases - regardless of the calculation period that is used.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use smoother 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.
What this tool does
momentum indicator is one of the frequently used indicators in technical analysis.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Quantora Multi-Timeframe RSI Dashboard MT5 - Professional RSI Momentum Analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: Quantora Multi-Timeframe MACD Dashboard MT5 - Professional Momentum and Trend Analysis - similar indicator with strong performance on MetaTrader 5.
momentum indicator is one of the frequently used indicators in technical analysis. but it has one "issue": it is a very "nervous" indicator - the values it displays are far from being smooth, and that can cause a lot of false signals in a lot of cases - regardless of the calculation period that is used.this indicator is one of the possible ways to solve that issue. the smoothing is not done by smoothing the momentum value, but the calculation itself is changed completely. even with a completely changed calculation method, the values are, as it can be seen by comparing it to "regular" momentum, a real momentum indicator except that the values are much, much smoother and that makes the number of false signals insignificant compared to regular momentum.
ps: just a quick example and a comparison of the smoother momentum and the "regular" momentum:
as it can be observed, there is no lag compared to "regular" momentum of the same period quite the opposite: in some cases the smoother momentum is leading compared to regular momentum, and the values of the smoothed momentum are (as its name tells us) much, much smoother.
You may also like: candle painting based on momentum and news impact - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.