Description
Forex Momentum Universal turns raw price into a normalised momentum reading using a Fisher transform, plotted as a two-colour histogram in its own sub-window on MetaTrader 4. Each bar’s median price is measured against the highest high and lowest low of a configurable lookback (default 120 bars), smoothed recursively, then pushed through the Fisher transform — which stretches the middle of the range and compresses the extremes, so turns stand out instead of blurring into noise. Bars print lime above the zero line and red below it, and the indicator drops a blue arrow when momentum crosses up through zero and a yellow arrow when it crosses down, with optional pop-up alerts on the live bar. Because the reading is normalised against recent range rather than fixed overbought and oversold levels, it behaves consistently across pairs, timeframes and volatility regimes — hence “Universal”. Two inputs only: the lookback period and the alert toggle. It works best as a momentum filter behind a structure or trend setup rather than as a standalone entry trigger. Free MT4 (.mq4) source included. Educational tool, not financial advice.
On MetaTrader 5? The MT5 edition of Forex Momentum Universal adds non-repainting closed-bar signals, push alerts and iCustom-ready buffers.
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