5-Minute MOMO Trade Indicator for ThinkorSwim

BenTen

BenTen

Administrative
Staff
VIP
I came across this strategy on the TradingSetupReviews site and thought it was interesting. The strategy is called 5-Minute Forex “MOMO”. There are only two components required for this setup. The Exponential Moving Average (EMA) and MACD. Of course, you would use this on the 5m chart as well.

Potential long setup:
  1. Price crosses above 20-period EMA
  2. MACD is crossing from negative to positive or has crossed to positive not more than 5 bars ago
  3. Go long 10 pips above 20-period EMA
  4. Stop loss at last swing low
Potential short setup:
  1. Price crosses below 20-period EMA
  2. MACD is crossing from positive to negative or has crossed to negative not more than 5 bars ago
  3. Go short 10 pips below 20-period EMA
  4. Stop loss at last swing high
You can learn more about this strategy here.



thinkScript Code

Code:
# 5-MINUTE Forex “MOMO” Indicator
# Based on the Forex Trade Setup mentioned on tradingsetupsreview.com
# Assembled by BenTen at useThinkScript.com

# Start EMA
input price = close;
input length = 20;
input displace = 0;
def AvgExp = ExpAverage(price[-displace], length);
def emaBull = price crosses above AvgExp;
def emaBear = price crosses below AvgExp;

# Run MACD
input fastLength = 12;
input slowLength = 26;
input MACDLength = 9;
input MACDaverageType = AverageType.EXPONENTIAL;
def Value = MovingAverage(MACDaverageType, close, fastLength) - MovingAverage(MACDaverageType, close, slowLength);
def Avg = MovingAverage(MACDaverageType, Value, MACDLength);
def Diff = Value - Avg;
def bullishEntry = Diff crosses above 0 within 5 bars;
def bearishEntry = Diff crosses below 0 within 5 bars;
# END MACD

# Plot Signals
plot longEntry = emaBull and bullishEntry;
longEntry.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
longEntry.SetDefaultColor(Color.CYAN);
longEntry.SetLineWeight(2);
plot shortEntry = emaBear and bearishEntry;
shortEntry.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
shortEntry.SetDefaultColor(Color.MAGENTA);
shortEntry.SetLineWeight(2);
 
Darkshak

Darkshak

New member
Can you make a bullish and bearish scan for this, please? I understand there will be a lot of results but I would limit my search criteria drastically to get the results I want.
 
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