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Marlyn't NewMomo for Amibroker (AFL)
genkumag
almost 8 years ago
Amibroker (AFL)

Rating:
4 / 5 (Votes 2)
Tags:
amibroker, timeframe

The NewMoMo was developed by Marlyn of Filtering WallStreet some years back.

It is used for the macro approach – NewMoMo is especially helpful in establishing trades overnight going into an up day the next morning.

Most momentum oscillators measure the momentum of price changes. One of the important things to remember about NewMoMo is that it is measuring the momentum of a volatility signal (which is what the normalization gives you). And volatility is probably the most important thing we can measure in a market (or just about anything else for that matter).

Screenshots

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Indicator / Formula

Copy & Paste Friendly
// NewMoMo AmiBroker Code
TimeFrameSet(inDaily);
Period     = Param("Period", 20);

Normalized=C/Ref(MA(C,Period),-1);
MarlynEMA=AMA2(Normalized,.4,.6);
MarlynEMAMax=HHV(MarlynEMA,5);
MarlynEMAMin=LLV(MarlynEMA,5);
Maximum=MarlynEMA-MarlynEMAMax;
Minimum=MarlynEMA-MarlynEMAMin;

Plot(Maximum,"MarlynEMAMax("+NumToStr(Period,4.0)+")",colorBlack,styleHistogram | ParamStyle("Style"));
Plot(Minimum,"MarlynEMAMin("+NumToStr(Period,4.0)+")",colorBlue,styleHistogram | ParamStyle("Style"));
TimeFrameRestore();

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