This script plots 2 accelerators rather than 1. Users can define the lengths of the fast and slow SMA's used in the calculation by adjusting the options in the input menu.
We set the default the lengths of the fast and slow SMA's used in the first calculation as 34 and 7 periods. Then to find the , the difference between the and its 7 period is calculated. The second Accelerator uses shorter window lengths than the first. The fast length is 5 by default and the slow length is 18. Finally, the length of the used to calculate the second is 3.
By utilizing two Accelerator Oscillators with increasingly shorter window lengths, this indicator identifies changes in momentum very well.
The red and green histogram represents the first . It is green when the Accelerator is increasing and red when it is decreasing. I found this layout to be more practical than the standard, which plots the as green when it is greater than 0 and red when less than zero. The second is plotted as the bright green and pink circle line. It uses the same coloring conditions as above.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.