Crucial Point suggested in the following post a way of determining the current momentum or trend of the market;
http://www.forexfactory.com/showthre...43#post3532743
It appears to me that this approach has merit and could relatively easily be made into an indicator.
A line needs to be made at the open of a particular bar, and updated at the open of each new bar. This process then needs to be repeated over 2 or 3 lower timeframes.
If price is below or above the open price of each successive timeframe then this proves that currently strong momentum exists in the market.
For people who want to have a filter to avoid ranging markets this appears to me to be quite a nice little way of doing that.
Is anyone up to the task? I can program an ea for my own purposes, but i am not able to create an indicator.
http://www.forexfactory.com/showthre...43#post3532743
It appears to me that this approach has merit and could relatively easily be made into an indicator.
A line needs to be made at the open of a particular bar, and updated at the open of each new bar. This process then needs to be repeated over 2 or 3 lower timeframes.
If price is below or above the open price of each successive timeframe then this proves that currently strong momentum exists in the market.
For people who want to have a filter to avoid ranging markets this appears to me to be quite a nice little way of doing that.
Is anyone up to the task? I can program an ea for my own purposes, but i am not able to create an indicator.
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