Jimmy wrote: Fri Oct 11, 2019 5:40 pm
Why are you yelling bro?
How to use Momentum Scalper for MT4
Momentum Scalper Indicator with MTF for MT4.png
The height and colour of the bars tells us the strength of the scalping trend.
Red bars represent market moves to the downside.
Blue bars represent market moves to the upside.
Grey bars represent ranging (quiet) markets.
White bars represent the market running out of steam.
Orange bars represent retracement is due.
Green chart background means the overall trend is UP (Look for entries to the upside).
Pink chart background means the overall trend is DOWN (look for entries to the downside).
The colour of the bars will change despite the market trend shown by the chart background colour. So for instance, a red bar can appear whilst the chart background is green which indicates a short-term downtrend (or pullback) within a general uptrend.
Just like the CCI, the -100 and 100 areas are considered Oversold/Overbought.
PS: Link to the Momentum Scalper for MT4 updated by Mrtools,
Momentum Scalper.
Hi everyone!
Not sure the color instructions are correct:
The white bar is just a flip to the other side of the zero line but can have red cap if the 100 momentum threshold is breached
Red bad means stronger momentum, over 100/-100 level by default
Blue bar looks like stable ongoing momentum
Grey is weak momentum
Orange is a possible reversal
