We last time presented simple and modified version of Stochastic Momentum oscillator in color coded histogram format for Amibroker. And this time replicating the same stuff for NinjaTrader. If you understand Stochastic Momentum Oscillator values ranges between +100 to -100. And Generally takes median of High and Low as input. Whereas in the modified version we changed the inputs to median of High, Low and Close. And also the modified version of Stochastic Momentum oscillator has two lookback periods instead of one.
Stochastic Momentum Oscillator is plotted in histogram format and color coded as follows
Green – Increasing Positive Momentum
Blue – Decreasing Positive Momentum (could lead to either potential reversal or sideways action if the trend is really strong)
Red – Increasing Negative Momentum
Yellow – Decreasing Negative Momentum (could lead to either potential reversal or sideways action if the trend is really strong)
Requirements
This indicator requires NinjaTrader version 7
Installation Procedure
1)Save the zip-file Download Stochastic Momentum Oscillator for NinjaTrader 7 (no need to unzip) to the location of your choice
2)Go to menu Control Center -> File -> Utilities -> Import NinjaScript…
3)Select the saved zip-file in the opened dialog
4)If everything is OK you will see a confirmation (otherwise an error will be displayed)
5)Now to go your charts ->Right click over the chart and Select Indicators -> Select Stochastic Momentum from the list and apply the indicator
