OPEN-SOURCE SCRIPT
Schmitt Hysteresis Momentum [forexobroker]
Schmitt Hysteresis Momentum applies a textbook control-theory Schmitt trigger to rate of change. Two ATR-scaled thresholds (one positive, one negative) form a hysteresis band: state flips up only when RoC clears the upper threshold, flips down only when RoC clears the lower. Within a held state, EMA crosses provide entry timing — multiple entries per state without flip-flop.
🔶 ALGORITHM
1. RoC = (close - close[N]) / close[N].
2. Adaptive thresholds: upper = +k * (atr / close); lower = -k * (atr / close).
3. State machine: state := +1 if RoC > upper, -1 if RoC < lower, hold previous otherwise.
4. EMA cross within state direction provides the entry trigger.
🔶 SIGNAL LOGIC
- Buy: state == +1 AND close crosses EMA up AND not already long AND cooldown elapsed AND barstate.isconfirmed.
- Sell: state == -1 AND close crosses EMA down.
- Position-lock state machine.
🔶 INPUTS
- RoC Lookback (default 10)
- Pullback EMA Length (default 8)
- Threshold k x ATR Pct (default 0.30)
- Cooldown Bars (default 4)
- Visual: dashboard, glow, EMA toggle, buy / sell colors
🔶 ALERTS
SHM Buy, SHM Sell, SHM Any Signal, SHM Bull Lock, SHM Bear Lock, SHM Upper Cross, SHM Lower Cross, SHM EMA Up, SHM Webhook JSON.
🔶 LIMITATIONS
- Hysteresis prevents flip-flop but slightly lags one-shot regime changes vs single-threshold logic.
- ATR-scaled thresholds are stationarised by atr_pct; very low-volatility periods can leave the state stuck for many bars without entries.
- RoC lookback length affects responsiveness; defaults assume 5m to 1H bars.
- This is a momentum-state engine, not a trend-strength meter; it tells you what regime you are in, not how strong it is.
🔶 ALGORITHM
1. RoC = (close - close[N]) / close[N].
2. Adaptive thresholds: upper = +k * (atr / close); lower = -k * (atr / close).
3. State machine: state := +1 if RoC > upper, -1 if RoC < lower, hold previous otherwise.
4. EMA cross within state direction provides the entry trigger.
🔶 SIGNAL LOGIC
- Buy: state == +1 AND close crosses EMA up AND not already long AND cooldown elapsed AND barstate.isconfirmed.
- Sell: state == -1 AND close crosses EMA down.
- Position-lock state machine.
🔶 INPUTS
- RoC Lookback (default 10)
- Pullback EMA Length (default 8)
- Threshold k x ATR Pct (default 0.30)
- Cooldown Bars (default 4)
- Visual: dashboard, glow, EMA toggle, buy / sell colors
🔶 ALERTS
SHM Buy, SHM Sell, SHM Any Signal, SHM Bull Lock, SHM Bear Lock, SHM Upper Cross, SHM Lower Cross, SHM EMA Up, SHM Webhook JSON.
🔶 LIMITATIONS
- Hysteresis prevents flip-flop but slightly lags one-shot regime changes vs single-threshold logic.
- ATR-scaled thresholds are stationarised by atr_pct; very low-volatility periods can leave the state stuck for many bars without entries.
- RoC lookback length affects responsiveness; defaults assume 5m to 1H bars.
- This is a momentum-state engine, not a trend-strength meter; it tells you what regime you are in, not how strong it is.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
🔵Gain access to our powerful tools : forexobroker.com/tv
🔵Join our free telegram for updates : t.me/dominicwalsfxhtrader
All scripts & content provided by Forexobroker are for informational & educational purposes only.
🔵Join our free telegram for updates : t.me/dominicwalsfxhtrader
All scripts & content provided by Forexobroker are for informational & educational purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
🔵Gain access to our powerful tools : forexobroker.com/tv
🔵Join our free telegram for updates : t.me/dominicwalsfxhtrader
All scripts & content provided by Forexobroker are for informational & educational purposes only.
🔵Join our free telegram for updates : t.me/dominicwalsfxhtrader
All scripts & content provided by Forexobroker are for informational & educational purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.