I require a code for the below mentioned indicator
Configurable Inputs are...
Period: Sets the look back period for the histogram. Default = 25.
Smoothing Slow Average: Slow smoothing factor for histogram. Default = 13.
Consolidation Look Back: Sets the look back period for calculating market consolidation state which is displayed on center line. Default = 10.
Consolidation Standard Deviation: Sets the standard deviation for calculating market consolidation state which is displayed on center line. Default = 2.
Indicator Display will be...
Trending vs. Consolidating: Provides a reference point for larger momentum shifts. AQUA indicates the market is supply imbalanced and is trending; YELLOW indicates that the market is supply balanced and moving sideways.
Momentum Histogram: Histogram displaying trend vs. non-trend states plus momentum. See Momentum Histogram color legend below.
Momentum Line: Momentum confirmation line that changes from GREEN to RED to give early warning of trend direction shift from long to countertrend short—and short to countertrend long.
Histogram Moving Average: Slow moving average of the histogram that displays a relative measure of the overall levels of buying and selling. (BLUE)
Momentum Histogram: The histogram is comprised of vertical bars plotted above and below a horizontal “zero line” that are color-coded to provide the following information
GREEN: Confirmed uptrend: Higher highs in the histogram indicate that the current directional move to the upside is continuing to gain momentum.
RED: Confirmed downtrend: Lower lows in the histogram indicate that the current directional move to the downside is continuing to gain momentum.
DARK GREEN: Upside momentum is slowing. Potential countertrend short area. DARK RED Downside momentum is slowing. Potential countertrend long area.
MAGENTA: High probability peak uptrend or peak downtrend condition, after a period of trending price action.
Application of this Indicator is
When the Navigator™ histogram is green or red, a long or short trend, respectively, is in place.
When the Momentum Histogram switches color from green to dark green—or red to dark red, trend momentum is slowing and counter trend trade opportunities may be indicated.
Magenta bars indicate trend exhaustion / peaking trend conditions and potentially indicate that the end of the present trending move is a high probability even.
Use the color-coded zero line to quickly assess relative volatility as well as identify broader areas of support and resistance. Yellow indicates a market that is supply balanced; cyan indicates a market that is supply imbalanced.
Relative peaks of the Momentum Histogram will provide further insight on momentum. Consecutive histogram peaks further away from zero line indicate increasing momentum where consecutive peaks closer to the zero line indicate decreasing momentum.
The output of the above indicator will be like MACD
If any of you know as to how to code this indicator, please share your ideas.
regards
KT
