OPEN-SOURCE SCRIPT
Volumen and Momentum Indicator with Vector Candles
Description of the Indicator: Custom Momentum Indicator with Vector Candles
This indicator combines momentum analysis using the MACD (Moving Average Convergence Divergence) with an advanced volume-based coloring scheme known as "Vector Candles." It provides a visual representation of market trends, momentum signals, and volume patterns directly on the chart.
Key Features:
MACD-Based Momentum Analysis:
The indicator calculates the standard MACD line, signal line, and histogram based on user-configurable parameters:
Fast Length: Fast moving average (default: 12).
Slow Length: Slow moving average (default: 26).
Signal Smoothing: Smoothing of the signal line (default: 9).
The histogram shows the difference between the MACD line and the signal line, with colors indicating the strength and direction of momentum.
Inverted Histogram Option:
Includes an option to invert the histogram display if desired.
Vector Candles:
Candle coloring reflects both volume and price action:
Climax Volume: Highlights significant volume spikes.
Above Average: Indicates above-average volume.
Neutral: Represents normal volume.
Bullish candles are displayed in green or blue, while bearish candles are red or pink, depending on volume conditions.
Volume Analysis:
Calculates the average volume of the last 10 candles and identifies exceptional volume spikes (Climax Volume).
Custom Symbol Support:
Users can override the chart symbol to use alternative data sources (e.g., BTC/USD from different exchanges).
Flexibility and User-Friendly Settings:
Key parameters can be adjusted, such as enabling/disabling Vector Candle colors or modifying histogram settings.
Visual Representation:
Histogram:
Displays momentum signals, with colors indicating the strength and direction of market trends.
Optionally incorporates Vector Candle colors into the histogram.
Candle Colors:
The indicator colors candles on the chart based on volume trends and price movements, making it easier to identify bullish and bearish phases.
Applications:
Ideal for traders who rely on both momentum and volume in their decision-making process.
Especially useful for analyzing highly volatile markets such as cryptocurrencies or commodities.
Summary:
The Custom Momentum Indicator with Vector Candles is a powerful tool that combines momentum and volume analysis. It provides intuitive visual cues about market trends and conditions, making it perfect for experienced traders seeking a data-driven approach.
This indicator combines momentum analysis using the MACD (Moving Average Convergence Divergence) with an advanced volume-based coloring scheme known as "Vector Candles." It provides a visual representation of market trends, momentum signals, and volume patterns directly on the chart.
Key Features:
MACD-Based Momentum Analysis:
The indicator calculates the standard MACD line, signal line, and histogram based on user-configurable parameters:
Fast Length: Fast moving average (default: 12).
Slow Length: Slow moving average (default: 26).
Signal Smoothing: Smoothing of the signal line (default: 9).
The histogram shows the difference between the MACD line and the signal line, with colors indicating the strength and direction of momentum.
Inverted Histogram Option:
Includes an option to invert the histogram display if desired.
Vector Candles:
Candle coloring reflects both volume and price action:
Climax Volume: Highlights significant volume spikes.
Above Average: Indicates above-average volume.
Neutral: Represents normal volume.
Bullish candles are displayed in green or blue, while bearish candles are red or pink, depending on volume conditions.
Volume Analysis:
Calculates the average volume of the last 10 candles and identifies exceptional volume spikes (Climax Volume).
Custom Symbol Support:
Users can override the chart symbol to use alternative data sources (e.g., BTC/USD from different exchanges).
Flexibility and User-Friendly Settings:
Key parameters can be adjusted, such as enabling/disabling Vector Candle colors or modifying histogram settings.
Visual Representation:
Histogram:
Displays momentum signals, with colors indicating the strength and direction of market trends.
Optionally incorporates Vector Candle colors into the histogram.
Candle Colors:
The indicator colors candles on the chart based on volume trends and price movements, making it easier to identify bullish and bearish phases.
Applications:
Ideal for traders who rely on both momentum and volume in their decision-making process.
Especially useful for analyzing highly volatile markets such as cryptocurrencies or commodities.
Summary:
The Custom Momentum Indicator with Vector Candles is a powerful tool that combines momentum and volume analysis. It provides intuitive visual cues about market trends and conditions, making it perfect for experienced traders seeking a data-driven approach.
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