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Body Momentum is a trading indicator described in Perry Kaufman's book. It is an oscillator that moves between 0 and 100 and calculates the percentage of bars that closed above the open price (white/green candle) during a specific period.
A period of 10 and a value of 100 for the body momentum indicator indicate that for the past 10 bars, the asset has always closed above its open price.
Example of a trading system using body momentum indicator:
a = BodyMomentum(14);
buy = a < 30;
sell = a > 50;
The first line calculates the body momentum oscillator
The second line enters long when the oscillator value becomes lower than 30
The third line exits any long position as soon as the oscillator value becomes higher than 50;
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
