|
PureBytes Links
Trading Reference Links
|
Hi all,
Here is an indicator called momentum candles. The idea is to look
for shifts in market momentum in conjunction with candle patterns.
When the red bars show up on top of the price bars, the momentum
has shifted to "down". When the red bars show up on the bottom of
the price bars, the momentum has shifted to "up".
This indicator can help you to figure out if price momentum is in
accord with the candle pattern. After transferring the ELA file,
look for Momentum Candle in your indicator tool box. Set Plot1
to "bar high" and Plot2 to "bar low" in the format indicator
dilaogue window.
The input settings use the most current bars 1 and 2. You can
experiment with other momentum settings by altering the bars
looked at. Like bars 2 and 3 or 1 and 3.... etc.
Walt Downs
http://www.tacticalmarkets.com
Attachment Converted: "c:\eudora\attach\mcandle.gif"
Attachment Converted: "c:\eudora\attach\Mcandle.ela"
|