EZ Trend and Momentum Indicator for ThinkorSwim

[BenTen]

Great oscillator which determines trend and momentum. So accurate it could be used as a stand alone indicator.

Remove the assignPriceColor line in the code if you wish not to have the candles painted.

thinkScript Code

# EZ Trend & Momentum
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/IzvxaVhB-ROMI2/

declare lower;

def s2 = expAverage(close, 10) - expAverage(close, 24);

plot line = s2;

line.assignValueColor(if s2 <= 0 then color.red else color.green);

assignPriceColor(if s2 <= 0 then color.red else color.green);

 

[JohnsonM]

Hi Ben. Is it possible to change current trend and momentum set up from colorbars to a histogram? Keen to know how to do this as well on the slimribbon.

 

[BenTen]

@JohnsonM Add this snippet to the bottom of your script:

line.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);

 

[camerdr]

@BenTen

Thanks for this script. How can I convert it into a scanner that scans for changes in the line color within 1 to 3 candles?

Thank you.

 

[BenTen]

@camerdr Here you go, load up the indicator in the scan tab, then use a condition like this:

That's a bullish scan. Use less than or equal to if you want to scan for bearish signal.

 

[Dom173]

@BenTen is it possible to make this indicator MTF? I would like to use a higher timeframe on a lower chart. Thx

 

[BenTen]

@Dom173 Add the following snippet to your script, right below declare lower;

input aggregationPeriod = AggregationPeriod.DAY;
def close = close(period = aggregationPeriod);

 

[henry1224]

The Idea of this indicator takes 2 EMA's, one shorter and subtracting the longer one. (10 ,24)
The MACD uses the same idea and adds a signal line. (12, 26, 9)

I know that it is faster by 2 bars, but I can't determine which is more profitable until there is some sort of backtest.

 

[FTM222]

Hi Ben,

Any way to remove "repaint the candles"? TIA.

 

[MerryDay]

Hi Ben,

Any way to remove "repaint the candles"? TIA.

This indicator "paints" a candle green whenever the 10ema > 24ema.
If you provide a different definition, you can "paint" differently.

 

[kurt31]

Is it possible to scan for the following EZ Trend condition:
Condition1 EZ trend is below 0
Condition2 EZ trend yesterday was lower than 2 days ago
Condition3 EZ Trend today is greater than yesterday

Just looking for a change in the slope

 

[MerryDay]

Is it possible to scan for the following EZ Trend condition:
Condition1 EZ trend is below 0
Condition2 EZ trend yesterday was lower than 2 days ago
Condition3 EZ Trend today is greater than yesterday

Just looking for a change in the slope

Here is a link to a shared scanner: http://tos.mx/dWWRBLF Click here for --> Easiest way to load shared links

def ezTrend = expAverage(close, 10) - expAverage(close, 24);
plot scan = ezTrend<0 and ezTrend[1]<ezTrend[2] and ezTrend>ezTrend[1];

 

[Eddygare]

View attachment 5969
Lower study Spy indicator is smoother.
This is /ES chart.

Would you please point where may I get the code for SPY trader indicator? it looks very promising! Thank You Playstation!

 

[MerryDay]

Would you please point where may I get the code for SPY trader indicator? it looks very promising! Thank You Playstation!

@Playstation is no longer active on the forum.
There is no way of knowing what random indicator the OP applied to SPY

 

[Eddygare]

@Playstation is no longer active on the forum.
There is no way of knowing what random indicator the OP applied to SPY

Thank You Merry Day !