MomentumX is a great tool for traders to find possible direction change and continuation in trend. MomentumX indicator inverts momentum and is best used together with Momentum found in your MT4(See picture 2)

It can be used for short term trading and mid term trading on any timeframe and instrument. 

only setting is period and color of the line.

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To spot entries, you can trade crossover between MomentumX and Momentum.

I like to combine it with fast MFI (5 periods) See picture 3 and enter long when MomentumX is abow Momentum and MFI is oversold and exit when MFI is overbought.

You can use different idicators like RSI, Williams%R, Stochastic, Demarker or other instaid of MFI.