Polychromatic Momentum Oscillator for MT4 Download – Free – [TradingFinder]

The Polychromatic Momentum Indicator is one of the efficient tools in technical analysis that measures the strength and speed of price movements.

Unlike traditional momentum indicators, this oscillator uses multiple weighted calculations to provide a more accurate, smoother, and more reliable view of market momentum.

Specifications Table of the Polychromatic Momentum Oscillator

The table below illustrates the specifications of the Polychromatic Momentum Indicator.

Polychromatic Momentum Indicator at a Glance

The Polychromatic Momentum Oscillator is designed as an oscillator that moves around the zero line. When the indicator line crosses above the zero line, it is generally considered a sign of the start of bullish momentum. Conversely, when it moves below the zero line, it is interpreted as a sign of bearish momentum and a potential selling opportunity.

Buy Trade Setup

Based on the 4-hour chart of Ethereum (ETH), the oscillator line has crossed above the zero line and remains above it.

In such conditions, an upward cross of the green line above the zero line can be considered a buy entry signal.

Sell Trade Setup

Based on the 1-hour chart of the NZD/USD currency pair, the oscillator line is below the zero line. As shown in the image, the indicator displays the trend direction and provides traders with an entry point for sell trades.

Polychromatic Momentum Oscillator Settings

Adjustable parameters in the Polychromatic Momentum Indicator settings are as follows:

• MomentumLength: Measure of the momentum calculation period, length of the time interval
• Price: Type of price used in calculations

Conclusion

The Polychromatic Momentum Indicator is a tool for measuring the strength and acceleration of price movements in all markets, including cryptocurrency, forex market, stocks, and more.

By using multiple weights and combined calculations, this tool displays price fluctuations with greater accuracy. Its oscillatory movement around the zero line enables the identification of bullish or bearish momentum and facilitates the detection of entry and exit points.