Our custom developed Forex Momentum Multi Indicator. Momentum indicators are tools utilized by traders to get a better understanding of the speed or rate at which the price of a security changes. Momentum indicators are best used with other indicators and tools because they don’t work to identify the direction of movement, only the time frame in which the price change is occurring.
Advantages of Momentum Indicators
Momentum indicators show the movement of price over time and how strong those movements are/will be, regardless of the direction the price moves, up, or down.
Momentum indicators are also specifically useful, as they help traders and analysts spot points where the market can and will reverse. The points are identified through divergence between price movement and momentum.
Because momentum indicators show the relative strength of price movements but leave out the directionality of the price movements, such indicators are best utilized in combination with other technical indicators – such as trend lines and moving averages – which show price trends and directions.
Feel free to use this indicator together with our other technical indicators (oscillators, momentum) or price action methods to maximize your trading accuracy.
The EUR/GBP 15 minute chart below displays the Forex Momentum Multi Indicator in action.
Copy and paste the Forex Momentum Multi Indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove Indicator from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete