mrtools wrote: Thu Dec 24, 2020 1:15 pm

Try this version, need to do more studying on how to do the histogram version, know it has been done just can't find the code for reference.

Thank you Mrtools and Mladen.

It is indeed a great indicator if used in reverse for scalping trends. Sort of like how the CCI is used by trend traders, instead of looking for reversals when the CCI OB/OS areas are broken, you enter into the momentum instead of counter-trend trading those signals.

Just like the CCI, this indicator evidently does a stellar job of displaying momentum and continuation, and instead of using this in it's traditional form for counter-trend trading, we reverse the rules in this template by:

• Going LONG when the indicator breaks the 80 level
• Going SHORT when the indicator breaks the 20 level

The colors have been adjusted accordingly.

Here is the template for those who would like to use it.