MOMO RVOL Elite + Supertrend V3

The MOMO RVOL Elite + Supertrend V3 indicator provides a comprehensive trend-following solution that combines Relative Volume (RVOL) analysis with multi-factor momentum and trend alignment filters. It is designed to identify high-probability institutional moves by ensuring price action, volume, and momentum are in strict synchronization.

Usage

The indicator identifies "Elite" signals and Supertrend reversals to assist in trend continuation or breakout trading. Users can look for the "Elite" labels which appear when high RVOL aligns with momentum and trend filters.

• Elite Signals: These trigger when volume exceeds the user-defined RVOL threshold (default 1.75x) while price is aligned with the VWAP and 9EMA.
• Supertrend Labels: The tool highlights "Strong Buy" and "Strong Sell" points when the Supertrend flips, providing a secondary layer of trend confirmation.
• Bar Coloring & Labels: Bullish signals are highlighted with green labels and bearish signals with red labels. Labels are anchored to prevent obstruction of price action.
• Dashboard: An on-screen table provides a real-time scoring system (0-6) based on VWAP alignment, EMA status, RVOL direction, RSI levels, and MACD positioning.

Details

The script executes a multi-layered filtering process:

1. Relative Volume (RVOL): Calculates the current volume relative to an SMA or EMA of volume over a lookback period to detect institutional activity.
2. Trend Alignment: Optionally requires price to be on the correct side of the Volume Weighted Average Price (VWAP) and the 9-period Exponential Moving Average (EMA).
3. Momentum Oscillators: Integrates Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) to filter out trades during momentum exhaustion.
4. Volume Pressure: Analyzes the distribution of volume between the high, low, and close to determine if buying or selling pressure is dominant within a single candle.

Settings

RVOL Settings

• Volume MA Type: Choose between SMA or EMA for calculating the average volume.
• RVOL Lookback Period: The number of bars used to calculate the average volume.
• RVOL Threshold: The multiplier required for a volume spike to be considered significant.
• Require VWAP & 9EMA Alignment: When enabled, signals only trigger if the price is above (for long) or below (for short) these benchmarks.

Supertrend Logic

• ST ATR Period: The lookback period for the Average True Range used in Supertrend.
• ST ATR Multiplier: The sensitivity of the Supertrend bands.

Momentum Filters

• Filter: RSI Level: Toggles a filter based on the RSI being above or below a specific threshold (e.g., 50).
• Filter: RSI Dir: Requires the RSI to be moving in the direction of the trade.
• Filter: MACD Cross: Filters signals based on MACD line and Signal line crossovers.
• Filter: Vol Pressure: Requires buying volume to exceed selling volume for bullish signals, and vice-versa for bearish signals.

FAQ

How do I access MOMO RVOL Elite + Supertrend V3?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

What does the "Elite" label signify?

The "Elite" label signifies that all primary conditions—High RVOL, Trend Alignment, and Momentum—have been met simultaneously, indicating a high-conviction move.

Can I change the sensitivity of the signals?

Yes, you can adjust the RVOL Threshold and the Supertrend Multiplier in the settings menu to make the indicator more or less sensitive to market fluctuations.