Thank you Mrtools and Mladen.mrtools wrote: ↑Thu Dec 24, 2020 1:15 pmTry 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.
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.