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Mass Index
- DarkLight
Mass Index is an indicator that helps identify trend reversals. It is calculated as the sum of 9-bar Exponential Moving Average (EMA) for daily price changes (high - low) divided by 9-bar EMA applied twice to that range. The indicator provides setup and trigger lines which are used to identify trend reversal: the index line should surpass the setup line and then drop below the trigger line.
Mass Index = Sum1..25 [9-period EMA (High - low) / 9-period EMA (9-period EMA (High - Low))]
where:
EMA – Exponential Moving Average
INPUTS
Input | Description |
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Setup | The value to fix the setup level at |
Trigger | The value to fix the trigger level at |
Length | The number of bars used to calculate the EMAs |
SumLength | The number of bars used to calculate the Mass Index |
PLOTS
The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.
Plot | Description |
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MI | The Mass Index plot |
Trigger | The trigger level |
Setup | The setup level |
Color |
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Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color. To create a custom color:
The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette. |
Weight |
Change the value (in px) to adjust the thickness of the plot. |
Type |
The following plot types are available:
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OVERLAYING
Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.