[CT] High Low Momentum Histogram
[CT] HIGH LOW MOMENTUM HISTOGRAM
The [CT] High Low Momentum Histogram is a Donchian-based momentum indicator designed to help traders identify directional momentum, recognize potential momentum shifts, and visualize the progression of bullish and bearish price movement.
Originally inspired by the Don Walk indicator, this upgraded CT version transforms the original counting logic into a customizable, color-coded momentum histogram with price candle coloring, event highlighting, and automated alert capabilities.
The objective is to provide traders with a clear visual representation of when price is establishing new highs or lows, when directional momentum remains active, and when momentum conditions begin to change.
HOW THE INDICATOR WORKS
The indicator uses a Donchian lookback period to determine the highest high and lowest low within a selected number of candles.
When price reaches the upper Donchian boundary, the bullish count increases.
When price reaches the lower Donchian boundary, the bearish count decreases.
A qualifying touch of the opposite boundary resets the corresponding momentum count.
These values are displayed as histogram columns above and below the zero reference line.
Unlike traditional oscillators that calculate momentum from price changes, this indicator measures momentum progression through repeated Donchian high and low events.
HISTOGRAM COLOR INTERPRETATION
The CT histogram uses four primary colors to help traders distinguish directional momentum from qualifying Donchian boundary events.
Important: Darker histogram bars identify qualifying price events rather than independently confirmed trade entry signals.
NEW CT UPGRADES AND ENHANCEMENTS
This modified version retains the foundational Don Walk counting logic while introducing several visual and functional enhancements.
HOW TO USE THE INDICATOR FOR TRADING
The CT High Low Momentum Histogram is designed primarily as a directional momentum and trend-progression tool rather than a standalone entry system.
1. Identifying Bullish Momentum
When the histogram moves above zero, the bullish counting state is active.
Green histogram columns indicate continued bullish conditions, while dark green columns highlight additional qualifying Donchian high touches.
Traders may use these conditions alongside bullish market structure, support levels, and their preferred entry confirmation tools.
2. Identifying Bearish Momentum
When the histogram moves below zero, the bearish counting state is active.
Light red histogram columns indicate continued bearish conditions, while dark red columns highlight additional qualifying Donchian low touches.
Traders may use these conditions alongside bearish market structure, resistance levels, and their preferred entry confirmation tools.
3. Monitoring Momentum Progression
Repeated qualifying Donchian high touches increase the positive count, while repeated qualifying Donchian low touches decrease the negative count.
This enables traders to observe the accumulation of directional high or low events.
However, a larger count does not necessarily indicate stronger price acceleration or guarantee continued movement.
4. Recognizing Momentum Resets
When price reaches the opposite Donchian boundary, the relevant counting state resets.
These events can help traders recognize changing price behavior and evaluate whether the previous directional condition remains intact.
5. Combining With Market Structure
This indicator may be particularly useful when combined with:
For example, traders analyzing a bullish market structure may monitor positive histogram readings and qualifying high touches for additional directional context.
The histogram should be used as supporting evidence rather than the sole reason for entering or exiting a position.
RECOMMENDED SETTINGS
Shorter lookback periods may produce more frequent qualifying boundary touches, while longer periods generally require more significant price extremes.
Traders should experiment with settings appropriate to their instrument and timeframe.
ORIGINAL DEVELOPER ACKNOWLEDGMENT
The [CT] High Low Momentum Histogram is an adaptation of the original Don Walk indicator, originally written in Pine Script v3.
Full credit and appreciation are extended to the original developer for creating and sharing the foundational Donchian high/low counting logic.
The original counting methodology has been preserved, while ChaosTrader63 has introduced the histogram presentation, event-specific coloring, customizable price candle coloring, additional display controls, and expanded alerts.
Original Indicator: Don Walk
Original Developer: [Insert Original Author's TradingView Username]
Original Script: [Insert Original TradingView URL]
Adapted and Enhanced By: ChaosTrader63
License: Mozilla Public License 2.0
Special thanks to the original developer for contributing to the TradingView community and making further development possible.
DISCLAIMER
This indicator is provided for educational and informational purposes only.
The indicator does not predict future price movement or guarantee profitable trading results. Donchian boundary touches, momentum counts, histogram colors, and alerts are not independent confirmations of trade direction.
Users should combine the indicator with appropriate market analysis, trade management, and risk management practices.
Developed and enhanced by ChaosTrader63 — [CT] Indicators.
The [CT] High Low Momentum Histogram is a Donchian-based momentum indicator designed to help traders identify directional momentum, recognize potential momentum shifts, and visualize the progression of bullish and bearish price movement.
Originally inspired by the Don Walk indicator, this upgraded CT version transforms the original counting logic into a customizable, color-coded momentum histogram with price candle coloring, event highlighting, and automated alert capabilities.
The objective is to provide traders with a clear visual representation of when price is establishing new highs or lows, when directional momentum remains active, and when momentum conditions begin to change.
HOW THE INDICATOR WORKS
The indicator uses a Donchian lookback period to determine the highest high and lowest low within a selected number of candles.
When price reaches the upper Donchian boundary, the bullish count increases.
When price reaches the lower Donchian boundary, the bearish count decreases.
A qualifying touch of the opposite boundary resets the corresponding momentum count.
These values are displayed as histogram columns above and below the zero reference line.
- Positive histogram readings indicate an active bullish counting state.
- Negative histogram readings indicate an active bearish counting state.
- Increasing positive readings represent additional qualifying upper-boundary touches.
- Increasingly negative readings represent additional qualifying lower-boundary touches.
- A zero reading indicates that neither directional count is active.
Unlike traditional oscillators that calculate momentum from price changes, this indicator measures momentum progression through repeated Donchian high and low events.
HISTOGRAM COLOR INTERPRETATION
The CT histogram uses four primary colors to help traders distinguish directional momentum from qualifying Donchian boundary events.
- Dark Green — Bullish High Touch: Price reaches the upper Donchian boundary while the bullish counting state is active. This highlights a qualifying bullish progression event.
- Green — Bullish Momentum: The bullish counting state remains active without a qualifying upper-boundary touch on the current candle.
- Dark Red — Bearish Low Touch: Price reaches the lower Donchian boundary while the bearish counting state is active. This highlights a qualifying bearish progression event.
- Light Red — Bearish Momentum: The bearish counting state remains active without a qualifying lower-boundary touch on the current candle.
- Gray — Neutral: Neither the bullish nor bearish count is active.
Important: Darker histogram bars identify qualifying price events rather than independently confirmed trade entry signals.
NEW CT UPGRADES AND ENHANCEMENTS
This modified version retains the foundational Don Walk counting logic while introducing several visual and functional enhancements.
- Pine Script v6 Conversion
The original indicator has been adapted from Pine Script v3 to Pine Script v6. - Momentum Histogram Visualization
The counting logic is displayed through positive and negative histogram columns, making bullish and bearish momentum progression easier to visualize. - Bullish and Bearish Event Highlighting
Qualifying Donchian high and low touches are identified using darker green and red histogram columns, replacing the original X-style event markers. - NEW — Price Candle Coloring
The indicator can now color price candles directly on the main chart according to the current histogram state.
This allows traders to recognize bullish and bearish momentum conditions without constantly referring to the lower histogram panel. - Independent Candle Color Customization
Traders can select custom bullish, bearish, event, and neutral candle colors independently from the histogram.
An additional option allows candle colors to automatically match histogram colors. - Optional Event Candle Highlighting
Traders can enable or disable darker candle colors when qualifying Donchian high or low touches occur. - Adjustable Donchian Lookback
The Donchian calculation period can be customized to accommodate different instruments, trading styles, and chart timeframes. - Customizable Histogram Appearance
Users can adjust histogram column width, customize all directional colors, and enable or disable the zero reference line. - Expanded Alert Conditions
Alerts are available for qualifying upper and lower Donchian boundary touches and transitions across the histogram zero line.
HOW TO USE THE INDICATOR FOR TRADING
The CT High Low Momentum Histogram is designed primarily as a directional momentum and trend-progression tool rather than a standalone entry system.
1. Identifying Bullish Momentum
When the histogram moves above zero, the bullish counting state is active.
Green histogram columns indicate continued bullish conditions, while dark green columns highlight additional qualifying Donchian high touches.
Traders may use these conditions alongside bullish market structure, support levels, and their preferred entry confirmation tools.
2. Identifying Bearish Momentum
When the histogram moves below zero, the bearish counting state is active.
Light red histogram columns indicate continued bearish conditions, while dark red columns highlight additional qualifying Donchian low touches.
Traders may use these conditions alongside bearish market structure, resistance levels, and their preferred entry confirmation tools.
3. Monitoring Momentum Progression
Repeated qualifying Donchian high touches increase the positive count, while repeated qualifying Donchian low touches decrease the negative count.
This enables traders to observe the accumulation of directional high or low events.
However, a larger count does not necessarily indicate stronger price acceleration or guarantee continued movement.
4. Recognizing Momentum Resets
When price reaches the opposite Donchian boundary, the relevant counting state resets.
These events can help traders recognize changing price behavior and evaluate whether the previous directional condition remains intact.
5. Combining With Market Structure
This indicator may be particularly useful when combined with:
- Break of Structure (BOS)
- Change of Character (CHoCH)
- Support and Resistance
- Trend-following moving averages
- Higher-timeframe directional analysis
- Price action and entry confirmation indicators
For example, traders analyzing a bullish market structure may monitor positive histogram readings and qualifying high touches for additional directional context.
The histogram should be used as supporting evidence rather than the sole reason for entering or exiting a position.
RECOMMENDED SETTINGS
- Donchian Lookback: 20 (default)
- Histogram Column Width: 3 (adjustable from 1 to 10)
- Show Zero Line: Enabled
- Enable Candle Coloring: Enabled
- Match Histogram Colors: Enabled
- Highlight High/Low Touch Candles: Enabled
- Color Neutral Candles: Disabled by default
Shorter lookback periods may produce more frequent qualifying boundary touches, while longer periods generally require more significant price extremes.
Traders should experiment with settings appropriate to their instrument and timeframe.
ORIGINAL DEVELOPER ACKNOWLEDGMENT
The [CT] High Low Momentum Histogram is an adaptation of the original Don Walk indicator, originally written in Pine Script v3.
Full credit and appreciation are extended to the original developer for creating and sharing the foundational Donchian high/low counting logic.
The original counting methodology has been preserved, while ChaosTrader63 has introduced the histogram presentation, event-specific coloring, customizable price candle coloring, additional display controls, and expanded alerts.
Original Indicator: Don Walk
Original Developer: [Insert Original Author's TradingView Username]
Original Script: [Insert Original TradingView URL]
Adapted and Enhanced By: ChaosTrader63
License: Mozilla Public License 2.0
Special thanks to the original developer for contributing to the TradingView community and making further development possible.
DISCLAIMER
This indicator is provided for educational and informational purposes only.
The indicator does not predict future price movement or guarantee profitable trading results. Donchian boundary touches, momentum counts, histogram colors, and alerts are not independent confirmations of trade direction.
Users should combine the indicator with appropriate market analysis, trade management, and risk management practices.
Developed and enhanced by ChaosTrader63 — [CT] Indicators.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.