pip hunter momentum extreme

This indicator gives a score to the momentum of a market in a percentage term based on a combination of measurements, this can be used on any time frame, on any instrument to identify if the current trend has enough momentum to see it carry on further this will help eliminate fomo and also help you to identify reversals in the chart at the right time so you can eliminate exposure to a market about to reverse, there is 4 levels to this indicator you have a strong bullish trend denote by green bars the weaker bullish trend denoted by the olive coloured bars, a weak bearish trend which is given in maroon bars and a strong bearish trend which gives red bars you will also note the 2 horizontal boundary lines these are not overbought and oversold bounds like in most indicators but actually indicate whether there is sufficient momentum in the market as the idea is that in strong momentum you want it to be above or below this line to give you confidence there is momentum available to ride.
There are also 7 coloured bars 3 top and 4 on the bottom the 6 green and red ones denote the direction of a heiken ashi candle its attached to reading from top to bottom defaults are 1hr 2hr 4hr 8hr 12hr daily if they are green then the candle is bullish if red the candle is bearish .
The bottom bar is a final momentum confluence when it is white we have a bearish bias and when it is purple we have a bullish bias




if you would like access to this script then please pm me

Release Notes:

added new timeframes to the heiken ashi levels refined the value for the purple and white bar to be more in line

Release Notes:

hot fix in heiken bars due to miss colouring

Release Notes:

added alerts for the momentum wave by popular demand!
the 4 alerts that can be set 1 for each of full bullish or full bearish momentum (ie when they cross the 40 threshold line)
and one for each direction when they cross the 0 lines entirely
GBPJPY
time frame shown is the 5 minute chart for reference