Cloudy Momentum Bands for ThinkorSwim

BenTen

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Leading Cloud-Based Momentum Indicator:
  • Above Orange Line => uptrend
  • Below Orange Line => downtrend
  • Cloud breakout => strong trend confirmation

This indicator can also be used for mean reversion trading.

tdS3HMg.png

25UAj2N.png


thinkScript Code

Code:
# Cloudy Momentum
# Assembled by BenTen at useThinkScript.com
# Converted from https://raw.githubusercontent.com/f13end/tradingview-custom-indicators/master/indicators/CloudyMomentum.pine

input length = 26;
input emaLength = 55;

def lower = lowest(close, length) - (highest(close, length) - lowest(close, length)) * 0.618;
def upper = highest(close, length) + (highest(close, length) - lowest(close, length)) * 0.618;

def lowerEMA = expAverage(lower, emaLength);
def upperEMA = expAverage(upper, emaLength);
def basis = (lowerEMA + upperEMA) / 2;

plot lower_band = lowerEMA;
plot upper_band = upperEMA;
plot middle = basis;

AddCloud(upper_band, lower_band, color.gray, color.gray);

upper_band.SetDefaultColor(GetColor(1));
lower_band.SetDefaultColor(GetColor(0));
middle.SetDefaultColor(GetColor(4));
 

Attachments

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  • 25UAj2N.png
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@john3 Looks like a price channel. Different calculations than BB. From charts shown look for reversals when price leaves the outer bands.
 
anyone know how to calculate the distance of the top and bottom bands? need it for a watchlist
My understanding of what you are asking is:
In dollars, compute the delta of the upper & lower bands:
Cloudy Momentum Upper Band minus Lower Band = Difference

mod note:
I am not sure if this has any great value. higher-priced instruments will have a higher dollar difference, but the ratio could be nil. Whereas a low-priced stock with any delta might be huge.


This is a Cloudy Momentum Difference Watchlist
shared watchlist column script: http://tos.mx/2FxGalb Click here for --> Easiest way to load shared links
fyAdc8Y.png

Ruby:
# Cloudy Momentum WATCHLIST
# Assembled by BenTen at useThinkScript.com
# Converted from https://raw.githubusercontent.com/f13end/tradingview-custom-indicators/master/indicators/CloudyMomentum.pine

input length = 26;
input emaLength = 55;

def lower = lowest(close, length) - (highest(close, length) - lowest(close, length)) * 0.618;
def upper = highest(close, length) + (highest(close, length) - lowest(close, length)) * 0.618;

def lowerEMA = expAverage(lower, emaLength);
def upperEMA = expAverage(upper, emaLength);
plot difference = upperEMA-lowerEMA;
 
Last edited:

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