Free TradingView Indicator by AlgoAlpha — Momentum & Oscillators
The Momentum Bias Index by AlgoAlpha is designed to provide traders with a powerful tool for assessing market momentum bias. The indicator calculates the positive and negative bias of momentum to gauge which one is greater to determine the trend.
The script aims to detect momentum-trend bias, typically when in an uptrend, the momentum oscillator will oscillate around the zero line but will have stronger positive values than negative values, similarly for a downtrend the momentum will have stronger negative values. This script aims to quantify this phenomenon.
Traders can choose to overlay the indicator on the price chart for a clear visual representation of market momentum.
The indicator includes signals to lock in profits, they appear as labels in overlay mode and as crosses when overlay mode is off.
The script includes an impulse boundary, the impulse boundary is a threshold to visualize significant spikes in momentum.
Users can adjust the standard deviation multiplier to increase the noise tolerance of the impulse boundary.
Traders can customize the length for evaluating bias, enabling them to fine-tune the indicator according to their trading preferences. A higher length will give a longer-term bias in trend.
Explore other momentum & oscillators TradingView indicators by AlgoAlpha.
Free on TradingView
Momentum Bias Index is free to use on TradingView. Add it to any chart in seconds.