OPEN-SOURCE SCRIPT
MA Momentum Score by Wizka
This is my explorative study script which I have named as MA Momentum Score. It calculates one score number (-10,+10) to describe the price and MA structure. It gives points on the order and direction of price and three moving averages so that bullish order (Price>MA20>MA50>MA200) gives +1 point to each pair, and bearish order gives -1 point. There are 6 comparisons (price and 3 MAs against each other). Addition to this +1 point is given if the direction of each is upwards, and -1 if downwards. So, altogether score can be from -10p (fully bearish structure) to +10p (fully bullish structure). This is shown as blue line in the indicator. It uses classic SMAs of 20,50,200 and it is called Slow score. Next, the similar score is calculated for faster MAs (5,12,26) and it is called Fast score (orange line). Finally, the differential Fast-Slow is calculated and visualized as histogram. Green, when Fast>Slow (bullish), and Red, when Fast<Slow (bearish).
Potential uses (not tested):
- Strong momentum when both Slow and Fast scores are high (or low).
- Potential reversal when Fast score diverges from the Slow score (Histogram size grows rapidly)
- Slow score crossovers cross zero line may confirm the change of direction.
- Weak momentum when Slow score is close to zero.
- Note: histogram tries to indicate potential reversal, not the momentum itself.
Disclaimer1: None of the above is tested, so any uses with own caution and responsibility.
Disclaimer2: The code developed with ChatGPT, may contain errors.
/Wizka
Potential uses (not tested):
- Strong momentum when both Slow and Fast scores are high (or low).
- Potential reversal when Fast score diverges from the Slow score (Histogram size grows rapidly)
- Slow score crossovers cross zero line may confirm the change of direction.
- Weak momentum when Slow score is close to zero.
- Note: histogram tries to indicate potential reversal, not the momentum itself.
Disclaimer1: None of the above is tested, so any uses with own caution and responsibility.
Disclaimer2: The code developed with ChatGPT, may contain errors.
/Wizka
开源脚本
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这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。