OPEN-SOURCE SCRIPT
Momentum Scope
Overview
Momentum Scope is a Pine Script™ v6 study that renders a –1 to +1 momentum heatmap across up to 32 lookback periods in its own pane. Using an Augmented Relative Momentum Index (ARMI) and color shading, it highlights where momentum strengthens, weakens, or stays flat over time—across any asset and timeframe.
Key Features
Inputs & Customization
How to Use
Copyright © 2025 MVPMC. Licensed under MIT. For full license see opensource.org/licenses/MIT
Momentum Scope is a Pine Script™ v6 study that renders a –1 to +1 momentum heatmap across up to 32 lookback periods in its own pane. Using an Augmented Relative Momentum Index (ARMI) and color shading, it highlights where momentum strengthens, weakens, or stays flat over time—across any asset and timeframe.
Key Features
- Full-Spectrum Momentum Map: Computes ARMI for 1–32 lookbacks, indexed from –1 (strong bearish) to +1 (strong bullish).
- Flexible Scale Gradation: Choose Linear or Exponential spacing, with adjustable expansion ratio and maximum depth.
- Trending Bias Control: Apply a contrast-style curve transform to emphasize trending vs. mean-reverting behavior.
- Duotone & Tritone Palettes: Select between two vivid color styles, with user-definable hues for bearish, bullish, and neutral momentum.
- Compact, Overlay-Free Display: Renders solely in its own pane—keeping your price chart clean.
Inputs & Customization
- Scale Gradation: Linear or Exponential spacing of intervals
- Scale Expansion: Ratio governing step-size between successive lookbacks
- Scale Maximum: Maximum lookback period (and highest interval)
- Trending Bias: Curve-transform bias to tilt the –1 … +1 grid
- Color Style: Duotone or Tritone rendering modes
- Reducing / Increasing / Neutral Colors: Pick your own hues for bearish, bullish, and flat zones
How to Use
- Add to Chart: Apply “Momentum Scope” as a separate indicator.
- Adjust Scale: For exponential spacing, switch your indicator Y-axis to Logarithmic.
- Set Bias & Colors: Tweak Trending Bias and choose a palette that stands out on your layout.
- Interpret the Heatmap:
- Red tones = weakening/bearish momentum
- Green tones = strengthening/bullish momentum
- Neutral hues = indecision or flat momentum
- Red tones = weakening/bearish momentum
Copyright © 2025 MVPMC. Licensed under MIT. For full license see opensource.org/licenses/MIT
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
MVPMC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
MVPMC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.