Momentum Composite
Momentum Composite is an indicator drawn in its own pane.
core language
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indicator "Momentum Composite"2
pane: new3
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input trix_length = 185
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trix_line = trix(close, trix_length)7
volume_flow = volume_osc(5, 20)8
mfi_line = mfi(14)9
export composite = (trix_line * 100 + volume_flow / 10 + (mfi_line - 50) / 50) / 310
export bullish = composite > 0 and composite > composite[1]11
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plot composite as composite_line, style: columns, color: if bullish then teal else gray13
hline 0, color: grayWhat this script says
Momentum Composite is an indicator drawn in its own pane.
You can change one input: trix_length (default 18).
It calculates trix_line as the TRIX (source the close, length trix_length), volume_flow as the volume oscillator (fast 5, slow 20), mfi_line as the money flow index (length 14), composite as (100 × trix_line plus volume_flow divided by 10 plus (mfi_line minus 50) divided by 50) divided by 3 and bullish as whether composite is above 0 and composite is above the previous bar's composite. It shares composite and bullish with scripts that use it.
On the chart, it plots composite as composite_line and draws a horizontal line at 0.