The indicator average true range normalized momentum made with an addition of histogram – one extra feature “momentum smooth mode”.
The indicator measures the speed of price movement of an instrument. By default it measures the most recent closing bar to a previous closing bar n periods ago.
Configure options are:
momPeriod = 25; // A Momentum period
momPrice = PRICE_CLOSE; // A Price which calculations are applied to
momSmooth = 15; // Smoothing period
Levels = 5; // Levels
Analyzing the rate of change, we can guess the strength or “momentum” in an instrument or forex pair.