This simple indicators paints the Momentum based on Stochastic, RSI or WaveTrend onto the Price Chart by showing Green or Red arrows. In the settings it can be selected which indicator is used, Stochastic is selected by default.
Length of the arrows is determined by the strength of the momentum: Stochastic: Difference between D and K RSI: Difference from RSI-50 WaveTrend: Difference between the Waves
(Thanks to @LazyBear for the WaveTrend inspiration)
PS: If anyone has an idea how to conditionally change the color of the arrows, then please let me know - that would be the icing on the cake. Then it would be possible to indicate Overbought/Oversold levels with different colors. Unfortunately it currently seems not to be possible to dynamically change the arrow colour.
@wugamlo Thanks for the script. I modified it a little bit for personal use, multiplying it with volume just to better inform me about sideways move. Regards.
PremChander
⋅
@MasBart, what change is required fo multiply with volume . Please share
MasBart
⋅
@PremChander, it's been a while, basically I think I multiplied the arrow length with volume
santoshkverma11
⋅
Sir Please help to understand why to put alert system through this indicator or if you have any detailed vedio please share
JIVANMUKTI
⋅
Hello
The `source `-function doesn`t work , no changes adjustable
wugamlo
⋅
@JIVANMUKTI, I just tried and it works for me - I get the usual dropdown where you can select the source. But keep in mind that it is actually only relevant for the RSI - Stoch and WaveTrend use specific "Sources"