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Omega Research Momentum Function:
{ ********************************************
Study : Momentum
Last Edit : 7/7/95
Provided By : Omega Research, Inc. (c) Copyright 1995
*********************************************}
inputs : Price(NumericSeries),Length(NumericSimple);
momentum = Price[0] - Price[Length];
What you see looks like price velocity without / Length.
I think the rational is this : if you look at the distance of the price
traveled over fixed Length, say 30 ticks over 10 bars back
and its increase to say, 35 ticks over the same 10 bars that
means the momentum is building or increasing or price is
accelerating. So this is an attempt to do m*v where
mass is a constant and time = length also a constant so
Mass / Length is a constant and can be omitted and whatever
is left P - P[Length].
Val.
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