Archived: TMO True Momentum Oscillator

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Does anyone have the scanner script for this TMO?
@stocksniper try this out. Read carefully as there are two bear and two bull scans included and you have to comment out (#) the right lines.
Code:
# TMO ((T)rue (M)omentum (O)scilator) Scan
# Mobius, with modifications by tomsk, 1.1.2020
# V01.05.2018
#hint: TMO calculates momentum using the delta of price. Giving a much better picture of trend, tend reversals and divergence than momentum oscillators using price.

input length = 14;
input calcLength = 5;
input smoothLength = 3;
#input level = -10;   ##Bullish Scan
#input level = 10;   ##Bearish Scan

def o = open;
def c = close;
def data = fold i = 0 to length
           with s
           do s + (if c > getValue(o, i)
                   then 1
                   else if c < getValue(o, i)
                        then - 1
                        else 0);
def EMA5 = ExpAverage(data, calcLength);
def Main = ExpAverage(EMA5, smoothLength);
def Signal = ExpAverage(Main, smoothLength);

#hint: Comment out using # below to scan for Bullish or Bearish.  Please note that ## applies to conditional scan with parameters -10 (over sold condition) Bullish Scan) and 10 (over bought condition) Bearish Scan) Default is set to a Bullish TMO Scan without any conditions.

##***Bullish Scan***

##plot scan = main < level and signal < level and main > signal;
#plot scan = main < main[1] and signal < signal[1];

##***Bearish Scan***

##plot scan = main > level and signal > level and main < signal;
plot scan = main > main[1] and signal > signal[1];
 
@subharmonic I like your color coded watchlist! Thank you for sharing.

However, (often) when I review each equity in my charts ... the TMO Indicator(s) don't show the same values and/or colors. Is there some change in the calculation/values of TMO in your custom watchlist? I am using the standard Mobius TMO with Aggregation Periods.

Thanks
Can you give me an example? I notice on the turning points there are some issues, in heavy trends where it is stuck in the OB/OS areas. Please make sure to give examples on daily or higher so I can look at what you are seeing after market close.
 
@Mark1126 Just a slight modification to cut down on the number of signals and filter out some low R/R trades.

Code:
def BUYsignal =Main < OS and Main crosses above Signal;
def SELLsignal = Main > OB and Main crosses below Signal;
addverticalline(BUYsignal,"Buy",color.green,curve.firm);
addverticalline(SELLsignal,"Sell",color.red,curve.firm);
Newer here, where would I insert this part of the code if already using TMO?
 
Wondering if it`s possible to add another condition to these buy/sell signals and the condition is the RSI value. For example, only trigger sell signal if RSI is above 70.
Can this be added to the code above somehow?

Can anyone help me with this request? Need to filter out the signals even more by only trigger buy if RSI is below 30 and vice versa, sell signal only if RSI is above 70.
 
Can anyone help me with this request? Need to filter out the signals even more by only trigger buy if RSI is below 30 and vice versa, sell signal only if RSI is above 70.
The only issue that I see with that request is that there are plenty of stocks that are exploding past the 70 RSI on the DAILY chart...you getting a sell signal might put you upside down on your position....same with below 30...I have seen stocks touch 10 RSI or less...just saying.
 
The only issue that I see with that request is that there are plenty of stocks that are exploding past the 70 RSI on the DAILY chart...you getting a sell signal might put you upside down on your position....same with below 30...I have seen stocks touch 10 RSI or less...just saying.

I use TMO on intraday timeframes only so it’s not a problem and can always change the values too.
 
Can anyone help me with this request? Need to filter out the signals even more by only trigger buy if RSI is below 30 and vice versa, sell signal only if RSI is above 70.
Here you go.

def BUYsignal =Main < OS and Main crosses above Signal and Main < os;
def SELLsignal = Main > OB and Main crosses below Signal and Main > ob;
addverticalline(BUYsignal,"Buy",color.green,curve.firm);
addverticalline(SELLsignal,"Sell",color.red,curve.firm);
 
Yeah me too...The highest timeframe I use is 1h and I see stocks every day dipping OVER the 70-90 RSI range while still going up...
@HighBredCloud @zeek @ezrollin The buy signal on Wilders RSI continues until it crosses below 70, opposite for sell signal, check out Chart School at StockCharts.com & Investopedia. Price is your first indicator. If it's going up, I follow price. Indicators only indicate potential.
 
@HighBredCloud @zeek @ezrollin The buy signal on Wilders RSI continues until it crosses below 70, opposite for sell signal, check out Chart School at StockCharts.com & Investopedia. Price is your first indicator. If it's going up, I follow price. Indicators only indicate potential.

This is a strategy that seems to work well as long as you follow the rules. I have noticed some RSI readings way into the 90 on the 1 hour...Personally when RSI is that high I use the RSI 5 SMA crossover as the exit. So many ways to trade tho...find what suits you...right?

https://usethinkscript.com/threads/simple-yet-very-powerful-swing-trading-strategy.272/
 
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