DPO Mobo for ThinkorSwim

[rad14733]

DPO (Detrended Price Oscillator) compares the closing price to the prior moving average, eliminating cycles longer than the moving average. The MOBO (Momentum Breakout) band settings are used to filter out the DPO noise to produce buy and sell signals for trend moves. This works for all time periods and tick charts.

I have my own custom versions of the ToS FW_DPO_MObo and have posted my short version below... Note that my settings differ from the original release...

#My_FW_DPO_MOBO
#Based on TOS FW_DPO_MOBO
#Modified for personal use by rad14733

declare lower;

input price = HL2;
input colorNormLength = 3;
input dpoLength = 13;
input moboDisplace = 0;
input moboLength = 13;
input numDevDn = -1.0;
input numDevUp = 1.0;
input coloredMobo = Yes;
input coloredFill = Yes;
input breakArrows = Yes;
input moboShowMid = Yes;

#plot DPO = Double.NaN;
plot DPO = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).DPO;
#DPO.DefineColor("UpTrend", Color.LIME);
#DPO.DefineColor("DnTrend", Color.MAGENTA);
DPO.SetPaintingStrategy(PaintingStrategy.LINE);
DPO.SetLineWeight(2);
DPO.AssignValueColor(Color.YELLOW);
DPO.HideBubble();
DPO.HideTitle();

#plot MidlineP = Double.NaN;
plot MidlineP = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).MidlineP;
MidLineP.SetPaintingStrategy(PaintingStrategy.LINE);
MidLineP.SetLineWeight(2);
MidlineP.AssignValueColor(if MidlineP > MidlineP[1] then Color.GREEN else Color.RED);
MidlineP.HideBubble();
MidlineP.HideTitle();

#plot UpperBandP = Double.NaN;
plot UpperBandP = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).UpperBandP;
UpperBandP.SetDefaultColor(Color.WHITE);
UpperBandP.SetLineWeight(1);

#plot LowerBandP = Double.NaN;
plot LowerBandP = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).LowerBandP;
LowerBandP.SetDefaultColor(Color.WHITE);
LowerBandP.SetLineWeight(1);

#plot Zeroline = Double.NaN;
plot Zeroline = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).Zeroline;
Zeroline.SetStyle(Curve.MEDIUM_DASH);
Zeroline.SetDefaultColor(Color.ORANGE);
Zeroline.SetLineWeight(2);


#plot BreakOutArrow = Double.NaN;
plot BreakOutArrow = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).BreakOutArrow;


#plot BreakDownArrow = Double.NaN;
plot BreakDownArrow = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).BreakDownArrow;

AddCloud(UpperBandP, LowerBandP, Color.MAGENTA, Color.MAGENTA);

 

[Shooters_Gotta_Shoot]

@rad14733 Ah yes! This is much more descriptive and more customizable! Really appreciate it! This will be super useful!

 

[BBDPDC]

@davidinc @rad14733 @Shooters_Gotta_Shoot hello folks! I stumbled across this indicator in a screenshot, search gave me this thread and suffice to say the original indicators are both pretty awesome, however I wanted to customise a little (who doesnt?).
I took the code above and have made some changes but I'm seeing some differences my limited skills won't allow me to solve.

My buy signals match those in the original but I have some additional signals that need to be excluded.
Less important but still a concern is the difference between the midline in my indicator and the original where the cloud is switching from red to green....my settings match as far as i can see but the behaviour doesn't match.
I personally like the cloud background on the lowers and the midline switch is a good trigger, however my code is excluding/including a value and I'm getting gaps, not the end of the world but i know its wrong.

Any advice on how I might fix it would be very welcome!

link to the study is https://tos.mx/PePl8Of

#DPO_MOBO
#Based on TOS FW_DPO_MOBO

declare lower;

input price = HL2;
input colorNormLength = 3;
input dpoLength = 13;
input moboDisplace = 0;
input moboLength = 13;
input numDevDn = -1.0;
input numDevUp = 1.0;
input coloredMobo = Yes;
input coloredFill = Yes;
input breakArrows = Yes;
input moboShowMid = Yes;

#plot DPO = Double.NaN;
plot DPO = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).DPO;
#DPO.DefineColor("UpTrend", Color.LIME);
#DPO.DefineColor("DnTrend", Color.MAGENTA);
DPO.SetPaintingStrategy(PaintingStrategy.LINE);
DPO.SetLineWeight(2);
DPO.AssignValueColor(Color.YELLOW);
DPO.HideBubble();
DPO.HideTitle();

#plot MidlineP = Double.NaN;
plot MidlineP = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).MidlineP;
MidLineP.SetPaintingStrategy(PaintingStrategy.LINE);
MidLineP.SetLineWeight(5);
MidlineP.AssignValueColor(if MidlineP > MidlineP[1] then Color.GREEN else Color.RED);
MidlineP.HideBubble();
MidlineP.HideTitle();

#cloud
AddCloud(if MidlineP > MidlineP[1] then Double.POSITIVE_INFINITY else Double.NaN, if MidlineP > MidlineP[1] then Double.NEGATIVE_INFINITY else Double.NaN, Color.green);
AddCloud(if MidlineP <= MidlineP[1] then Double.POSITIVE_INFINITY else Double.NaN, if MidlineP < MidlineP[1] then Double.NEGATIVE_INFINITY else Double.NaN, Color.red);

#plot UpperBandP = Double.NaN;
plot UpperBandP = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).UpperBandP;
UpperBandP.SetDefaultColor(Color.WHITE);
UpperBandP.SetLineWeight(1);

#plot LowerBandP = Double.NaN;
plot LowerBandP = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).LowerBandP;
LowerBandP.SetDefaultColor(Color.WHITE);
LowerBandP.SetLineWeight(1);

#plot Zeroline = Double.NaN;
plot Zeroline = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).Zeroline;
Zeroline.SetStyle(Curve.MEDIUM_DASH);
Zeroline.SetDefaultColor(Color.ORANGE);
Zeroline.SetLineWeight(2);

plot UpSignal = if Dpo crosses above upperbandp then ZeroLine else Double.NaN;
UpSignal.SetHiding(!Breakarrows);
Upsignal.SetLineWeight(5);
UpSignal.SetDefaultColor(Color.WHITE);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
UpSignal.HideTitle();

alert(upsignal, "BUY", alert.once,sound.bell);

 

[rad14733]

@BBDPDC Those gaps you are concerned with are actually quite common... If you were to review the many implementations of MOBO in both upper and lower variations you would see gaps in them as well... If your logic is working as expected then simply accept the gaps as part of normal performance... I am currently playing with a strategy based on FW_MOBO_Basic upper indicator and it also has gaps...

 

[BBDPDC]

@BBDPDC Those gaps you are concerned with are actually quite common... If you were to review the many implementations of MOBO in both upper and lower variations you would see gaps in them as well... If your logic is working as expected then simply accept the gaps as part of normal performance... I am currently playing with a strategy based on FW_MOBO_Basic upper indicator and it also has gaps...

good to know thanks!

I can cope with the cloud gaps. I'm seeing the difference between the TOS indicator and the way I've cobbled mine together is pretty sketchy...there must be something missing that is smoothing the result out as the TOS version is much less choppy on the midline signals....and i still want to get rid of those extra up signals just to avoid the additional noise!

 

[BBDPDC]

This indicator coupled with MACD is incredibly accurate for entry. I've not done a huge amount of testing yet but every signal for the last two days has been a winner, even if small. The exit is key however.

 

[rad14733]

@BBDPDC The use of hl2 instead of close could very likely be the basis of the disparity you are seeing... Most MOBO and MOMO code uses close for price type...

 

[natcom2020]

This indicator coupled with MACD is incredibly accurate for entry. I've not done a huge amount of testing yet but every signal for the last two days has been a winner, even if small. The exit is key however. what time frame you use for this indicator?

 

[8Nick8]

@rad14733 @BBDPDC
This is what I have tried again and I am to get the plot when the DPO line crosses below the midline when it is below the zero line. But still cannot figure out how to scan when the midline changes from Red to Green.

#My_FW_DPO_MOBO
#Based on TOS FW_DPO_MOBO
#Modified for personal use by rad14733
#Modified to find signals when DPO crosses above Midline when it is below zeroline
#Added level= -10
declare lower;

input price = HL2;
input colorNormLength = 3;
input dpoLength = 13;
input moboDisplace = 0;
input moboLength = 13;
input numDevDn = -1.0;
input numDevUp = 1.0;
input coloredMobo = Yes;
input coloredFill = Yes;
input breakArrows = Yes;
input moboShowMid = Yes;
input level =-10;
#plot DPO = Double.NaN;
def DPO = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).DPO;

#plot MidlineP = Double.NaN;
def MidlineP = FW_DPO_MOBO(price, colorNormLength, dpoLength, moboDisplace, moboLength, numDevDn, numDevUp, coloredMobo, coloredFill, breakArrows, moboShowMid).MidlineP;
    
plot scan = MidlineP<level and DPO < level and DPO crosses above midlineP;

Pls feel free to comment and improve this scan.
thank u

 

[rad14733]

@Nick Have you tried using "crosses below" instead of "<" by chance...??? I haven't really checked the code because I just got off my backhoe after digging out tree stumps... I'll try to have a look later... I may be off the mark as I'm beat...

 

[BBDPDC]

@BBDPDC @rad14733 I am currently using the script that you have shared...
What I would like to is also to configure a scan to pick up signals when
1. The middle line change from Red to Green or Green to Red but it doesn't seem to have the conditions to configure the scan
Alternative, i also tried to scan using the "DPO line to cross above the Centerline" but i cant add another condition for it to only show signals that are below the zeroline?

May I know if you have manage to scan signals when the middle line changes from Red to Green or vice versa? Or how can add a condition to only displays signals Only when it is below the Zeroline?

@BBDPDC May I also request if you can share your script that shows how the labels are plotted on your moving average?

Thank you very much
Nick

@Nick Unfortunately i have limited coding experience and mixed with little time and a wealth of other available material just on this site, I've actually excluded this indicator and the changes i made as the signals appear unreliable using my version (too many and late).

As for the MA labels on the upper i posted, those are the Hull Concavity indicator which i slightly adjusted to shrink the bubble and took all the arrows out.....it looks back so can fire and disappear until the following candle after the signal has closed but is incredibly reliable in determining an uptrend. Set to 21 on a 1m chart. Take a look here https://usethinkscript.com/threads/...ng-points-and-concavity-2nd-derivatives.1803/

 

[BBDPDC]

my version if you want it as shown in the screenshot

https://tos.mx/GWCIfEc

 

[8Nick8]

DPO weekly timeframe

Hi, i have tried to modify the FW_DPO_MOBO script to fit into upper study to plot the signals in the script below. I am using a WEEKLY chart. The purpose of this plot is to identify the downtrend momentum of the stocks has slowed down then goes sideway before it resumes it uptrend.
Usually when all the plot conditions are met, the Arrow will appear on the same candle. From the attached pic, I observed that this does not happen all the time, and like to know
1. Is there anything wrong with my plot?
2. How can I set the arrow to be plotted on the same candle when the conditions are met?
3. Does the DPO line measure the Momentum of the stock?? If I like to increase the sensitivity of the DPO line, ie the DPO cuts the midline shortest time, should I decrease the DPO Length or the MOBO_length??
4. Any other suggestions are greatly appreciated.

Thank you

#DPO_MOBO
#Based on TOS FW_DPO_MOBO
#modified for personal use
input price = close;
plot Trend1 = MovAvgExponential(close, 10);
plot Trend2 = MovAvgExponential(close, 30);
Plot trend3 = movAvgExponential(close, 3);

# DPO parameters
input colorNormLength = 3;
input DPO_length = 14;

# MOBO parameters
input ColoredMobo = yes;
input ColoredFill = yes;
input BreakArrows = yes;
input MOBO_midline = no;
input MOBO_displace = 0;
input MOBO_length = 5;
input Num_Dev_Dn = -0.8;
input Num_Dev_Up = +0.8;

# Fuel Cell (MACD) inputs
input showMACD = no; # Turns the Fuel Cells on (yes) or off (no).
input MACDfastLen = 10; # standard MACD parameter.
input MACDslowLen = 15; # standard MACD parameter.
input MACDLen = 10; # standard MACD parameter.
input MACDScaling = 50; # Enlarge or shrink FuelCell size.
input MACDWidth = 3; # Width of individual FuelCell elements.
input MACDColors = {default "Cyan_Only", "Cyan_Magenta", "Red_Green"};
input level = -1;

def Zeroline = 0;

def DPO = price - Average(price[DPO_length / 2 + 1], DPO_length);
#DPO.DefineColor("Highest", Color.YELLOW);
#DPO.DefineColor("Lowest", Color.LIGHT_RED);
#DPO.AssignNormGradientColor(colorNormLength, DPO.Color("Lowest"), DPO.Color("Highest"));

def Midline = Average (data = DPO, MOBO_length);
def sDev = StDev(data = DPO[-MOBO_displace], length = MOBO_length);
def LowerBand = Midline + Num_Dev_Dn * sDev;
def UpperBand = Midline + Num_Dev_Up * sDev;

def MoboStatus =
if DPO > UpperBand then 2 # Mobo Up
else
if DPO < LowerBand then -2 # Mobo Down
else 0; # between the bands

rec BreakStatus = CompoundValue(1,
if BreakStatus[1] == MoboStatus or MoboStatus == 0 then BreakStatus[1]
else
if MoboStatus == 2 then 2
else -2, 0);

def MidlineP =
if MOBO_midline then Midline
else Double.NaN;


def UpperBandP = UpperBand;
#UpperBandP.AssignValueColor (
# if !ColoredMobo then Color.WHITE
# else
# if BreakStatus[0] == 2 then Color.GREEN
# else Color.RED);
#UpperBandP.SetLineWeight(1);
#UpperBandP.HideBubble();

def LowerBandP = LowerBand;
#LowerBandP.AssignValueColor (
# if !ColoredMobo then Color.WHITE
# else
# if BreakStatus[0] == 2 then Color.GREEN
# else Color.RED);
#LowerBandP.SetLineWeight(1);
#LowerBandP.HideBubble();

# Breakout/down arrows.
#plot BreakOutArrow =
# if BreakArrows then
# if BreakStatus[0] == BreakStatus[1] then Double.NaN
# else if BreakStatus[0] == 2 then
# DPO else Double.NaN
# else Double.NaN;

#plot BreakDownArrow =
# if BreakArrows then
# if BreakStatus[0] == BreakStatus[1] then Double.NaN
# else if BreakStatus[0] == -2 then
# DPO else Double.NaN
#else Double.NaN;
#BreakDownArrow.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
#BreakDownArrow.SetDefaultColor(Color.RED);
#BreakDownArrow.SetLineWeight(1);
#BreakDownArrow.HideBubble();
#addChartBubble(BreakdownArrow, high,"D",color.red);
#addChartBubble(BreakOutArrow, high,"U",color.yellow);
# colored clouds
def GreenUpper = if ColoredFill and BreakStatus[0] == 2 then
UpperBandP else Double.NaN;
#GreenUpper.SetDefaultColor(CreateColor(0, 100, 0));
def GreenLower = if ColoredFill and BreakStatus[0] == 2 then
LowerBandP else Double.NaN;
#GreenLower.SetDefaultColor(CreateColor(0, 100, 0));
#AddCloud (GreenUpper, GreenLower, CreateColor(0, 100, 0), color.red);

def RedUpper = if ColoredFill and BreakStatus[0] == -2 then
UpperBandP else Double.NaN;
#RedUpper.SetDefaultColor(CreateColor(200, 0, 0));
def RedLower = if ColoredFill and BreakStatus[0] == -2 then
LowerBandP else Double.NaN;
#RedLower.SetDefaultColor(CreateColor(200, 0, 0));
#AddCloud (RedUpper, RedLower, CreateColor(200, 0, 0), color.green);

plot Signal1 = DPO < Zeroline and DPO crosses above Midline and close > close[1] and Trend2 > Trend1;#
Signal1.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
Signal1.SetLineWeight(3);
Signal1.AssignValueColor(COLOR.blue);

plot Signal2 = DPO <zeroline and DPO crosses above midline and close < Trend1 and Trend1 < Trend2 and close> trend3;
Signal2.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
Signal2.SetLineWeight(3);
Signal2.AssignValueColor(COLOR.blue);

 

[MerryDay]

@Nick

• I have never had TOS plot on the same candle. The condition occurs and triggers an arrow on the next candle (except maybe? repainting indicators)
• The technical definition states that DPO does not measure momentum:

What Is a Detrended Price Oscillator (DPO)?
Basically, it strips out price trends in an effort to estimate the length of price cycles from peak to peak or trough to trough.

Unlike other oscillators, such as the stochastic or moving average convergence divergence (MACD), the DPO is not a momentum indicator. It instead highlights peaks and troughs in price, which are used to estimate buy and sell points in line with the historical cycle. ~Investopedia

But when compared to the MACD, it looks very similar. So if it walks like a duck... sounds like a duck?

Suggestions:
I don't use TOS Fw DPO Mobo. I use the one here from @rad14733: https://usethinkscript.com/threads/fw_dpo_mobo-script.4771/#post-44180. He does use different lengths.
This indicator appears on most of my charts. I buy dips and then look for reversals.
I am not a fan of arrows, especially w/ oscillators, especially w/ this particular script. For me, it is more about how the oscillator is lining up with your other three non-collinear indicators on your three timeframes.

All that said, your arrows appear to be working. I kind-a like them.

 

[tem2005]

https://usethinkscript.com/threads/fw_dpo_mobo-script.4771/post-44180

@MerryDay this used to show arrows but now not!
is it supposed to show so? any advice please?

 

[MerryDay]

@MerryDay this used to show arrows but now not!
is it supposed to show so? any advice please?

I agree. No arrows. This uses a ToS built-in indicator that is copyright-protected.
We can't see the code, so can't see what changed.
You can try contacting Support.
Do come back and tell us what they say.

 

[tem2005]

I agree. No arrows. This uses a ToS built-in indicator that is copyright-protected.
We can't see the code, so can't see what changed.
You can try contacting Support.
Do come back and tell us what they say.

I'm sure i saw the arrows couple of days ago, so this is new change?

Sure gonna contact them

 

[petergluis]

ThinkorSwim provides FW_DPO_MoBo with the code. Here is my code for ThinkorSwim.

#https://www.tradingview.com/script/s2yv2eub-Mobo-Bands/
declare lower;
def price  = hl2;
def colorNormLength = 3;
def dpoLength       = 13;
def moboDisplace    = 0;
def moboLength    = 10;
def numDevDn  = -0.8;
def numDevUp  = 0.8;
script nz {
    input data = 0;
    def ret_val = if IsNaN(data) then 0 else data;
    plot return = ret_val;
}
def coloredMobo     = yes;
def coloredFill     =  yes;
def breakArrows     = yes;
def moboShowMid     = yes;


#def DPO = price - Average(price[DPO_length / 2 + 1], DPO_length);
def xsma = Average(price[dpoLength / 2 + 1], dpoLength);
#def xsma = sma(price, dpoLength);
def DPO = price - xsma;


def Midline = Average(DPO, moboLength);

def sDev = StDev(DPO, moboLength);

def LowerBand = Midline + numDevDn * sDev;
def UpperBand = Midline + numDevUp * sDev;

plot line_dpo = DPO;
line_dpo.AssignValueColor(if  line_dpo>  line_dpo[1] then Color.cyan else Color.red);
line_dpo.SetLineWeight(5);
plot Line_mid = Midline;
Line_mid.AssignValueColor(if MidLine < dpo then Color.green else Color.magenta);
Line_mid.SetLineWeight(3);

plot Upper = UpperBand;
Upper.SetDefaultColor(GetColor(7));
plot Lower = LowerBand;
lower.SetDefaultColor(GetColor(7));
plot line_0 = 0;
line_0.SetDefaultColor(GetColor(9));
def Signal1 = DPO > UpperBand and DPO[1] < UpperBand[1];
def Signal2 = DPO < LowerBand and DPO[1] > LowerBand[1];


def wasUp = if Signal1 then 1 else if Signal2 then 0 else nz(wasUp[1]);
def wasDn = if Signal2 then 1 else if Signal1 then 0 else nz(wasDn[1]);

plot plotshape1 = if Signal1 and wasDn[1] then UpperBand else Double.NaN;
plotshape1.SetDefaultColor(GetColor(1));
plot plotshape2 = if Signal2 and wasUp[1] then LowerBand else Double.NaN;
plotshape2.SetDefaultColor(GetColor(1));

AddCloud(Upper, Lower, Color.blue);

 

[petergluis]

I convert Mobo Bands from Tradingview for ThinkorSwim, and add band color changes.
https://www.tradingview.com/script/s2yv2eub-Mobo-Bands/

#https://www.tradingview.com/script/s2yv2eub-Mobo-Bands/
declare lower;
def price  = hl2;
def colorNormLength = 3;
def dpoLength       = 13;
def moboDisplace    = 0;
def moboLength    = 10;
input aggregationPeriod = AggregationPeriod.DAY;
def numDevDn  = -0.8;
def numDevUp  = 0.8;
script nz {
    input data = 0;
    def ret_val = if IsNaN(data) then 0 else data;
    plot return = ret_val;
}
def coloredMobo     = yes;
def coloredFill     =  yes;
def breakArrows     = yes;
def moboShowMid     = yes;
#def DPO = price - Average(price[DPO_length / 2 + 1], DPO_length);
def xsma = Average(price[dpoLength / 2 + 1], dpoLength);
#def xsma = sma(price, dpoLength);
def DPO = price - xsma;
def Midline = Average(DPO, moboLength);
def sDev = StDev(DPO, moboLength);
def LowerBand = Midline + numDevDn * sDev;
def UpperBand = Midline + numDevUp * sDev;
plot line_dpo = DPO;
line_dpo.AssignValueColor(if  line_dpo>  line_dpo[1] then Color.cyan else Color.red);
line_dpo.SetLineWeight(5);
plot Line_mid = Midline;
Line_mid.AssignValueColor(if MidLine < dpo then Color.green else Color.magenta);
Line_mid.SetLineWeight(3);
def nan  =  Double.NaN;
input fill = yes;
plot Upper = UpperBand;
Upper.SetDefaultColor(GetColor(7));
plot Lower = LowerBand;
lower.SetDefaultColor(GetColor(7));
plot line_0 = 0;
line_0.SetDefaultColor(GetColor(9));
def Signal1 = DPO > UpperBand and DPO[1] < UpperBand[1];
def Signal2 = DPO < LowerBand and DPO[1] > LowerBand[1];
def wasUp = if Signal1 then 1 else if Signal2 then 0 else nz(wasUp[1]);
def wasDn = if Signal2 then 1 else if Signal1 then 0 else nz(wasDn[1]);
plot plotshape1 = if Signal1 and wasDn[1] then UpperBand else Double.NaN;
plotshape1.SetDefaultColor(GetColor(1));
plot plotshape2 = if Signal2 and wasUp[1] then LowerBand else Double.NaN;
plotshape2.SetDefaultColor(GetColor(1));
def a = (UpperBand > UpperBand[1] and Midline > Midline[1]);
def b = (UpperBand < UpperBand[1] and LowerBand < LowerBand[1]);
def c = (UpperBand > UpperBand[1] and Midline > Midline[1]);
def d = (UpperBand < UpperBand[1] and midline < midline[1]);
def e = average(close)>midline;
def f = midline<average(close);

def Chg      =   If(a, 1, If(b, -1, 0));
def Hold     =   CompoundValue(1, If(Hold[1] == Chg or Chg == 0, Hold[1], If(Chg == 1, 1, -1)), 0);
def Chg_a      =   If((c or e), 1, If((d or f), -1, 0));
def Hold_a     =   CompoundValue(1, If(Hold[1] == Chg or Chg == 0, Hold[1], If(Chg == 1, 1, -1)), 0);
def LBUp     =   if fill and Hold[0] == 1 then lowerBand else nan;
def UBUp     =   if fill and Hold[0] == 1 then upperband else nan;
def LBDn     =   if fill and Hold[0] == -1 then lowerband else nan;
def UBDn     =   if fill and Hold[0] == -1 then upperband else nan;
def MBUP     =   if fill and Hold[0] == 1 then midline else nan;
def MBDn     =   if fill and Hold[0] == -1 then Midline else nan;

DefineGlobalColor("Cloud Up", Color.red);
DefineGlobalColor("Cloud_Up", Color.downtick);
DefineGlobalColor("Cloud_Dn", Color.light_green);
DefineGlobalColor("Cloud Dn", Color.cyan);
AddCloud(LBUp, UBUp, GlobalColor("Cloud Up"), GlobalColor("Cloud Dn"));
AddCloud(LBDn, UBDn, GlobalColor("Cloud Dn"), GlobalColor("Cloud Up"));
AddCloud(MBUp, UBUp, GlobalColor("Cloud_Up"), GlobalColor("Cloud_Dn"));
AddCloud(MBDn, UBDn, GlobalColor("Cloud_Dn"), GlobalColor("Cloud_Up"));

 

[petergluis]

This information about how to use MoBo indicator to long or short the market is from Tradingview. "This indicator is the Mobo Bands (Momentum Breakout Bands). These bands are bollinger bands that have an adjusted standard deviation. There are Buy signals when it has momentum breakouts above the bands for moves to the upside and Sell signals when it has momentum breakouts below the bands for moves to the downside. The bands simply suggest that all markets have periods of chop which we all know to be true. While the price is inside the bands it is said to be trendless. Once the breakouts happen you can take trades in the breakout direction."
https://www.tradingview.com/script/s2yv2eub-Mobo-Bands/