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);

 

[Playstation]

@BenTen is it possible to add arrows/dot below when the lines change color?

 

[BenTen]

@Playstation Yes. Let me see if I can do that.

 

[Playstation]

This works very similarly to the Spy indicator?

@Playstation Yes. Let me see if I can do that.

 

[BenTen]

@Playstation I don’t believe so. This is much simpler. You can always compare them.

 

[Playstation]

Lower study Spy indicator is smoother.
This is /ES chart.

 

[veerasareddy]

@BenTen Do we have any indicators for SPY only in our warehouse?

 

[BenTen]

@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.

 

[veerasareddy]

@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.

@BenTen Could you pls consider to compile one indicator with these : 1). $ADD (NYSE) & SPX divergence. 2).$ADD (NYSE) divergence with $TICK.

 

[BenTen]

@veerasareddy Create a new post in the Questions with your concept/request/how you want to use the indicator and we'll help.

We already have a few indicators related to those:

• TICK meter: https://usethinkscript.com/threads/accumulative-tick-meter-and-index-for-thinkorswim.603/
• $VOLD: https://usethinkscript.com/threads/vold-divergence-indicator-for-thinkorswim.936/

 

[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);

 

[JohnsonM]

Thanks so much Ben. Is there a different code if I wanted to do the same to Slim Ribbon too?

 

[BenTen]

@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.

 

[JohnsonM]

OK. Thanks Ben

 

[Trading51]

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]

@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);