Candle Momentum Index
Combining Amibroker AFL with candlestick patterns and price data, the Candle Momentum Index can be created. This indicator measures price momentum and helps traders identify potential trend reversals or continuations. Amibroker data plays a crucial role in calculating this index, allowing for accurate analysis and trading decisions.
_SECTION_BEGIN("CMI");
Len_r = Param( "TSI period 'Length':", 25, 1, 100, 1 );
Len_s = Param( "TSI period 'Smoothing':", 13, 1, 100, 1 );
Len_sig = Param( "Signal period:", 7, 1, 100, 1 );
cmtm = C - O;
AbscMtm = abs ( cMtm );
Num_T = EMA ( EMA ( cMtm, Len_r ), Len_s );
Den_T = EMA ( EMA ( AbscMtm, Len_r ), Len_s );
TSI = 100 * Nz ( Num_T / Den_T );
Plot( TSI, "CMI("+Len_r+","+Len_s+")", ParamColor( "Color", colorRed ), ParamStyle("Style") );
Plot(EMA(TSI,Len_sig), "", colorLightBlue);
PlotGrid(0, colorLightGrey);
PlotGrid(25, colorLightGrey);
PlotGrid(-25, colorLightGrey);
_SECTION_END();