Momentum Vote Metatrader MQL Indicators Forex Trading Systems - XEATrade - Metatrader, Metastock, Tradestation, Amibroker

/*[[
	Name := MomentumVote
	Author := Copyright © 2004, Michael K
	Separate Window := Yes
	First Color := White
	First Draw Type := Histogram
	First Symbol := 217
	Use Second Data := Yes
	Second Color := Lime
	Second Draw Type := Histogram
	Second Symbol := 218
]]*/
Input:  MaxBars(2000), NumVotes(14), FilterMaLen(2), Normalise(0), ratio(1) ;

/*  Momentum_Vote

 I always considered the Momentum indicator a little too
 arbitary - How do you choose a length of say 4 over 
 length of 6?  
 
 This indicator takes momentum of various lengths and
 combines them in order to (hopefully!) produce an
 improved momentum indicator.
 
 MaxBars:     Number of bars to plot
 NumVotes:    Number of Momentum periods to include
 FilterMaLen: Takes votes and applies smoothing
 Normalise:   If non zero, adds +-1 normalisation to votes output
 Ratio:       0-2, 1==all given same vote, >1 larger mom given more weight, <1 short mom given more weight
  
   Obviously, trading is risky and this indicator
   should be used at your own risk.  :)
   
*/


Variable : shift(0), votes(0), cnt(0), tmp(0), v1(0), curRatio(0), fRatio(0), maVotes(0);
Variable : e1(0), e2(0), mb(0), outVotes(0);


SetLoopCount(0);

mb = min(bars-1, MaxBars);
e1 = 2/(1+FilterMaLen);
e2 = 1-e1;
fratio = sqrt(ratio);

// loop from first bar to current bar (with shift=0)
For shift=mb Downto 0 
Begin
	votes=0;
	v1=1;
	curRatio=1;	
	
	for cnt = 0 to NumVotes
	Begin	
		if ( iMomEx(v1,PRICE_TYPICAL,shift) > 100) then
			votes=votes+curRatio
		else
			votes=votes-curRatio;
		v1=v1+2;
		curRatio=curRatio*fratio;
	end; 

	// add Ma component
	mavotes = (e1*votes)+(e2*mavotes);
	
	if (normalise>0) then
	begin
		/* perform nonliner mapping of range to +- 1 */
		
		outVotes=2*normalise*mavotes/NumVotes;		
		outVotes=(exp(2*outVotes)-1)/(exp(2*outVotes)+1);
	end
	else
		outVotes=mavotes;	
	
	SetIndexValue(shift, outVotes);
End;

Author/Source: Michael K

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