EZ Trend and Momentum Indicator for ThinkorSwim

BenTen

Administrative
Staff member
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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.

HcygLiG.png

TUTNyTv.png


thinkScript Code

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);
 

BenTen

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@veerasareddy If it works for SPY, it will work for other stocks and vice versa. Unless you find some concept that only applies to SPY, then I can take a look and see if I can convert for you.
 

JohnsonM

New member
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

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

Code:
line.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
 

BenTen

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@JohnsonM No idea about the Slim Ribbon indicator since I don't use it. However, I believe those are moving averages. You can post a request in that thread.
 

Trading51

Active member
2019 Donor
Can you add a feature so we can only get the colored bars the lower indicator is not needed the colored bars work great on the 5 min
 

camerdr

New member
@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

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

BhSRF3H.png


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

BenTen

Administrative
Staff member
Staff
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Lifetime
@Dom173 Add the following snippet to your script, right below declare lower;

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

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