Normalized Momentum
The built-in MT4 Momentum indicator plots close[i] versus close[i-N] as a ratio around 100, with no fixed ceiling or floor - a momentum reading of "3" means something completely different on a five-digit forex pair than on gold or an index CFD, and even on the same symbol its typical range drifts as volatility changes. This indicator fixes that by taking the raw price difference momentum (today's close minus the close N bars back) and rescaling it against the minimum and maximum raw momentum seen over a trailing window: whatever the raw numbers are, the output always sits between -100 and +100, with 0 meaning "at the middle of its own recent range" rather than "unchanged". A short simple moving average of that rescaled line is plotted as a signal, and an arrow marks the bar where the normalized line crosses it - the same lag-versus-noise trade-off as any moving-average-crossover signal, exposed here as a plain input rather than hidden. Notes and limitations - The -100/+100 scale is relative to the symbol's own recent history inside InpNormPeriod, not an absolute measure. A reading of +100 means "the strongest momentum seen in the lookback window", not any fixed price move - it is not directly comparable to a raw-pip momentum reading from a different indicator. - If every raw momentum reading inside the window is identical (a flat range), the line reads 0 rather than dividing by zero. - Needs InpMomPeriod + InpNormPeriod + InpSignalPeriod or more bars of history before the signal line and its crosses can be computed; on a freshly opened chart with thin history it will plot nothing until enough bars are available.
Indicator · MT4 · v1.0 · Free
About Normalized Momentum
Normalized Momentum is an indicator for MetaTrader 4. It draws buy and sell arrows on the chart and can alert you with a pop-up, sound, email or push message. It has 4 settings, such as Mom period, Norm period and Signal period. MQL source code included.
Files in the download: NormalizedMomentum.ex4, NormalizedMomentum.mq4, NormalizedMomentum.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Mom period | 10 | Bars back the raw momentum is measured against |
| Norm period | 100 | Rolling window the raw momentum is rescaled within |
| Signal period | 5 | SMA period applied to the normalized line for the signal |
| Alerts | true | Alert once per closed bar on a signal-line cross |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Gold (XAUUSD) · Momentum · Buy/Sell Arrows · Alerts · MT4 Indicator · MQL4 Source Code