Lobben Group to Group 006
The Momentum monitor
The short version...
Here at Wnt5280 we are strong believers in finding intent of the buyers and sellers and therefore we have created more than one indicator for this purpose. The intent helps get a better perspective on market momentum.
|Lobben Group to Group 004 (LobbenG2G004)||Mini ray-line indicator - Used to determine short-term intent for buyers and sellers.|
|Lobben Group to Group 005 (LobbenG2G005)||Micro ray-line indicator - Used for determining buyer and seller intent on a shorter timeframe than LobbenG2G004|
|* Lobben Group to Group 006 (LobbenG2G006)||Focuses on the relative strength of the market momentum of the current direction. Helps detect when a market movement is gaining or losing steam|
|Lobben Group to Group 009 (LobbenG2G009)||This is the Ray Line indicator. It is used to determine longer-term trends in the market and is useful in predicting market direction.|
The LobbenG2G006 indicator was created to show the current momentum of the market as well as the strength of that momentum. It plots a single, dashed yellow line from the first group of the current unconnected line to the end of the most recent group. It moves much faster than some of the indicators, as it doesn’t wait for a change in direction to change the plot. Every time a new group is plotted on the screen, the indicator updates.
Check out the following video for an overview of how it works and some of the main features:
More Good stuff...
This indicator is great for showing gaining or fading momentum. The start anchor is always tied to the line that is currently winning the battle (buyers or sellers), as indicated by the most recent unconnected line. The indicator changes directions whenever the most recent unconnected line changes colors. When this happens, the starting point changes from the old one to the first group of the new unconnected line. This is done because we always want to be tracking against the side (buyer vs seller) that currently has the upper hand in the market.
You can watch the slope of the line change over time. If it gets steeper, things are heating up on that side. Conversely, if the dashed yellow line’s slope reduces, you can see the momentum starting to shift to the other direction.
This indicator is GREAT for looking at market momentum., and is a great one to add to your trading toolbox!
configuration and setup...
The following options are supported:
Indicator Duration - Indicates the time range to process the indicator
- Day - Indicator ends every day
- Week - Indicator runs for a week at a time
- Month - Indicator runs for a month at a time
- Year - Indicator ends at the end of each year
- Three Year - Indicator ends every three years
- Infinite - Indicator runs continuously with no end point
Indicator Start/End Time - Used for daily mode to indicate start/end time for the indicator. Unused for longer indicator durations
End Time In Next Day - Used if the end time occurs in the next day from the start time