Buy-Sell EMA Pressure Momentum For ThinkOrSwim

[Cwparker23]

This is just a concept that I've been working on that I wanted to share. I took the code for the buy-sell volume pressure and used ema's instead of price. I put it in the

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# script by Cwparker23         #
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declare lower;

input length = 12;
input showBreakoutSignals = no;
def ema1 = expaverage (high,length);
def ema2 = expaverage (close,length);
def ema3 = expaverage (low,length);
def vavg = expaverage (volume,length);

assert(length > 0, "'length' must be positive: " + length);
def b =  ((ema2-ema3)/(ema1-ema3))* vavg;
def s =  ((ema1-ema2)/(ema1-ema3))* vavg;


plot Momentum = b - s[1];
plot Momentum2 = s - b[1];

plot ZeroLine = 0;
plot UpSignal = if Momentum crosses above Momentum2 then ZeroLine else Double.NaN;
plot DownSignal = if Momentum crosses below Momentum2 then ZeroLine else Double.NaN;

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

Momentum.SetDefaultColor(GetColor(1));
ZeroLine.SetDefaultColor(GetColor(0));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

form of the momentum indicator to show the difference.

 

[Cwparker23]

Updated to MACD

declare lower;

input length = 12;
def valavg = (length / 2);
input showBreakoutSignals = no;
def ema1 = expaverage (high,length);
def ema2 = expaverage (close,length);
def ema3 = expaverage (low,length);
def vavg = expaverage (volume,length);

assert(length > 0, "'length' must be positive: " + length);
def b =  ((ema2-ema3)/(ema1-ema3))* vavg;
def s =  ((ema1-ema2)/(ema1-ema3))* vavg;


plot Value = B - S;
plot Avg = EXPAverage (Value ,valavg);

plot Diff = Value - Avg;
plot ZeroLine = 0;

plot UpSignal = if Diff crosses above ZeroLine then ZeroLine else Double.NaN;
plot DownSignal = if Diff crosses below ZeroLine then ZeroLine else Double.NaN;

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

Value.SetDefaultColor(GetColor(1));
Avg.SetDefaultColor(GetColor(8));
Diff.SetDefaultColor(GetColor(5));
Diff.SetPaintingStrategy(PaintingStrategy.SQUARED_HISTOGRAM);
Diff.SetLineWeight(3);
Diff.DefineColor("Positive and Up", Color.GREEN);
Diff.DefineColor("Positive and Down", Color.DARK_GREEN);
Diff.DefineColor("Negative and Down", Color.RED);
Diff.DefineColor("Negative and Up", Color.DARK_RED);
Diff.AssignValueColor(if Diff >= 0 then if Diff > Diff[1] then Diff.color("Positive and Up") else Diff.color("Positive and Down") else if Diff < Diff[1] then Diff.color("Negative and Down") else Diff.color("Negative and Up"));
ZeroLine.SetDefaultColor(GetColor(0));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);


ZeroLine.SetDefaultColor(GetColor(0));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

 

[hellozEy]

Thanks! @Cwparker23
Been using this for the past two days with consistent success when added with the default MACD to confirm entries.