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New Momentum Trader- Trading View

New Momentum Trader- Trading View

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This study combines two versatile momentum indicators : 
Chande Momentum Oscillator: 
-Measures trend strength, with higher absolute values meaning greater strength. 
-Also tracks divergence. When price increases, but is not accompanied by an increase in Chande Momentum Oscillator values, it signifies bearish divergence and a reversal is likely to follow. 
-Shown as the teal and pink histogram. 

Percentage Price Oscillator: 
-Similar to the MACD , except that it expresses the difference between the two moving averages in terms of a percentage. This makes it a little easier to visualize. 
-PPO values greater than zero indicate an uptrend, as that means the fast EMA is greater than the slow (and vice versa). 

Entry and Exit Conditions: 
Enter When: 
1) Chande Momentum crosses over zero from negative to positive territory. AND 
2) It has been less than 3 bars since Chande Momentum was less than the lower green line. AND 
3) Chande Momentum is rising(positive slope). 

Exit When: 
1) Chande Momentum is greater than the upper line. AND 
2) It has been less than 6 bars since the PPO value was greater than the upper bound. AND 
3) PPO is less than 5 (meaning the difference between the two EMA's is less than 5%). AND 
4) PPO has a negative slope. 

This study comes with alert conditions for long entries and exits. 

~Happy Trading~