MZ Momentum Non Repainting HTF HFT Scalper Bot

24 Jun 2022

This is an original script meant to be a high frequency trader that works on higher time frame calculations. I came up with the idea that using calculus I can figure out the actual rate of change and momentum with different calculations than the momentum indicator that is provided by trading view. Once momentum is shifted on a small time frame, it will provide an entry signal. The script is meant to be used on an algorithmic trading system for scalping purposes. It should be run on a one minute time frame.

Set it up on a one minute chart - setup your bot on a one minute interval.
Find the source of your data. You can use any time frame, open, close. high, low, olc4. Open is pretty much guaranteed to not have any repainting issues - although all the other calcs use a custom isbarconfirmed security repaint calculation.

Set your rate of change period - typically I use a one minute time frame for this as well - but set my length fairly long (30-40).

Then set your period for momentum calculation. This will sample the rate of change data to figure out your momentum. I typically try a setting of 6-8. If that doesn't work, try setting it about the same as the rate of change period and add or subtract a few from there.

Unfortunately due to various plotting constraints in Pinescript, you cannot plot the rate of change and momentum and price in the same.

Set your trigger point. I try values -30, -20, -10, 0, 1. Then finesse to get an earlier entry signal. You should account for a slight delay from the signal to the actual entry. Your backtest should test well, but please note that does not gaurantee results. In my findings, I have seen that there is a slight minimal delay between signal to entry and that can make the difference whether your trade is profitable or not.

Use the show data to show you additional data when you are backtesting. This can allow you to try to filter out results or market conditions that do not work. I typically work with the RSI and use the 30 minute and 15 minute RSIs. I make sure that it is trading within a certain band - about 40-75. You can try the inverse and only buy during really low RSI's as well.

Use the enter and close messages to setup your webhook messages. But I recommend to allow the algo trading platform to close the trade for you based on their calcs since that platform knows the actual price level and when it has become profitable.

Filters have been setup for
Moving Average Variants - any time frame, any length.
RSI - Any time frame, any length,

Future Plans: ATR Filter so you can filter out low volatility periods.
Send me a message with any suggestions.

24 Jun 2022

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