Smoother momentum
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 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.
Description & Settings
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.
