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Momentum Index [BigBeluga]

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The Momentum Index is an innovative indicator designed to measure the momentum of price action by analyzing the distribution of positive and negative momentum values over a defined period. By incorporating delta-based calculations and smoothing techniques, it provides traders with a clear and actionable representation of market momentum dynamics.


🔵 Key Features:

Delta-Based Momentum Analysis:
  • Calculates the momentum of price by comparing its current state to its value from a defined number of bars back.
  • Inside a loop, it evaluates whether momentum values are above or below zero, producing a delta value that reflects the net momentum direction and intensity.
    Double EMA Smoothing:
  • Smooths the raw delta-based momentum values with a double EMA filter, reducing noise and providing a clearer trend signal.

    Pine Script®
    tmi(len) => sum = 0.0 sum1 = 0.0 above = 0.0 below = 0.0 src_ = src - src[len] for i = 0 to len sum := sum + (src_ > nz(src_) ? 1 : -1) sum1 := sum1 + (sum > 0 ? 1 : -1) sum1 := emaEma(sum1, 10) for i = 1 to len above := above + (sum1 > 0 ? 1 : 0) below := below + (sum1 > 0 ? 0 : 1) [sum1, above, below]

Directional Momentum Signals:
  • Generates momentum shift signals and displays them on both the oscillator and the main chart:
    - △ Aqua Triangles: Represent upward momentum shifts.
    - ▽ Red Triangles: Represent downward momentum shifts.
    快照


Dynamic Gradient Display:
  • Highlights momentum zones with gradient fills:
    - Aqua shades for positive momentum (above zero).
    - Red shades for negative momentum (below zero).
    快照

Dashboard Display:
  • A dashboard summarizing the count of momentum values above and below zero for the defined period (Sentiment Length e.g. 100), helping traders assess market sentiment at a glance.
    快照


🔵 How It Works:
  • The indicator takes price momentum as its source and evaluates the number of momentum values above and below zero within a defined period.
  • The delta calculation aggregates this information, providing a net representation of the prevailing market momentum.
  • A double EMA filter is applied to the delta values, smoothing the momentum line and enhancing signal clarity.
  • Momentum shifts are highlighted with visual signals on the oscillator and price chart, while the gradient display provides a visual representation of intensity.


🔵 Use Cases:
  • Momentum Tracking: Identify whether market momentum is predominantly bullish or bearish.
  • Signal Confirmation: Use chart-based signals to confirm potential trend reversals or continuation.
  • Analyze Market Strength: Leverage the dashboard to quickly assess the distribution of momentum over the chosen period.
  • Overbought/Oversold Conditions: Utilize gradient zones to detect areas of momentum extremes and possible price exhaustion.


Momentum Index [BigBeluga] offers a refined approach to analyzing momentum dynamics, combining delta-based calculations with smoothing techniques and intuitive visuals, making it an essential tool for traders looking to anticipate market movements effectively.
版本注释
- Dashboard bars value

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