If the period of the “correction” is set to <0, then the calculated value is the same as the momentum (if you compare it to the built in momentum, add 100 to it and then the values are going to be exactly the same).
In any case, the “correction” was added to the momentum in order to filter out many false signals that momentum tends to have (if you try to use momentum based on the slope, it will lead you to anything but usable indicator – the “corrected” method changes that and turns the momentum indicator into a much more usable indicator).
Alerts are included already. Depending on color choice the alerts are triggered too. Possible color /alert choices are:
on outer level cross
on middle level cross
on slope change
on original momentum value cross (when “corrected” value is used as a kind of a signal line compared to original value)
As usual, some experimenting advised with the parameters. Defaults are set to roughly turn momentum indicator into momentum (and) short term trend combination:
Corr velocity - indicator MetaTrader 5 Corrected velocity indicator. Velocity is usually referred to as a "smoother momentum", and it is true (it has much smoother…
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MA on Momentum - indicator MetaTrader 5 The idea of the indicator Two lines - simple 'Momentum' indicator and 'Momentum' indicator smoothed with 'Moving Average'. Rice. 1. MA…
