Cloudy Momentum Bands for ThinkorSwim

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
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));
 

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

horserider

Well-known member
VIP
@john3 Looks like a price channel. Different calculations than BB. From charts shown look for reversals when price leaves the outer bands.
 

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
257 Online
Create Post

Similar threads

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Top