Momentum Gradient Index (MGI)

Measures the acceleration of momentum by calculating the second derivative of a weighted moving average of price. It highlights when price momentum is gaining speed (positive acceleration) or slowing down (negative acceleration), useful for confirming strong continuation setups in Forex day trading, especially GBP/USD or EUR/GBP during London session on 5-15 minute charts.

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Outputs / plots

Latest changelog

Initial release.

Version history

let wma_price = wma(close, len)
let velocity = wma_price - shift(wma_price, 1)
let acceleration = velocity - shift(velocity, 1)
plot("MGI", acceleration)
event("PositiveAcceleration", acceleration > threshold)
event("NegativeAcceleration", acceleration < -threshold)

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