Chande Momentum MT4 Indicator and Signals
Developed by Tushar Chande
Chande Momentum MT4 Indicator measures momentum of a currency pair.
This MetaTrader 4 Indicator uses a scale ranging between +100 and -100 thus allowing the trader to clearly see changes in net momentum using the 0 level mark as a balance point.
Calculation
Chande momentum uses data for both up days & down days in the numerator, thereby directly measuring momentum.
The calculations are performed on unsmoothed data. This allows for short-term extreme movements to be less hidden. However, smoothing can still be applied to the MT4 Indicator.
MT4 Indicator and How to Generate Signals
Buy Forex Signal
This MetaTrader 4 Indicator measures the momentum of price.
Areas above Zeroline are considered to be bullish/buy trading signals.
The higher the MT4 Indicator goes the higher the upward price momentum.
Buy Trading Signal
Sell Forex Signal
Levels below Zero line are considered to be bearish/sell signals.
The lower the MT4 Indicator goes the higher the downward price momentum.
Sell Trading Signal
