TradeChartist Mean Momentum Drift Bands (MMDB)

9 de dez. de 2021

™TradeChartist Mean Momentum Drift Bands (MMDB) is a Momentum indicator that plots a Mean Momentum line (calculated automatically from sample means of many lookback periods decided by the script logic) and Upper/Lower Drift Bands (calculated using standard deviation). The script helps spot price volatility, Oversold/Overbought zones and also generates high probability breakout signals without any user input.

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Features of ™TradeChartist MMDB
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• Momentum Mean and 4 upper/lower Drift bands.

• No User input required.

• 3 Visual colour schemes - Chilli, Flame and Custom.

• MMDB table that shows asset's price, RSI and values of Mean & Upper/Lower Drift bands

• Breakout Signals (Bull and Bear arrows) based on price closing above or below the 1st Drift Band.

• Overbought and Oversold zones.

• Colour Bars based on Momentum strength.

• Alerts for Bull and Bear Breakouts (Once per bar close to be used).

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Example Charts

1. MMDB used along with ™TradeChartist MMDO (Mean Momentum Drift Oscillator) on 4hr chart of BTCUSDT



2. MMDB on 4hr chart of XAUUSD



3. MMDB on 1hr chat of SPX500USD



4. MMDB connected to ™TradeChartist Plug and Trade on LINKUSDTPERP



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Note: The script doesn't repaint, so the alerts can be used with confidence. To check this, users can do bar replay to confirm if the plots and markers stay in the same place.

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Best Practice: Test with different settings first using Paper Trades before trading with real money

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2 de ago.

Notas de Lançamento

Code Updated