Looking for Tape Momentum indicator

[SolidChiken]

Grateful if anyone has the tape momentum indicator. Find it might gives a good signal for both entry and exit when the spike goes up extremely

 

[Shinthus]

Are you interpreting this as "the green spike means to sell?" Because a huge downtrend occurred right after it.

 

[BenTen]

Not sure if this is what you're looking for.

# TS_TapeMomentum
# http://www.thinkscripter.com
# [email protected]
# Last Update 07 Nov 2010

#hint: For use on tick charts <b>ONLY</b>. Red inidcates average momentum, yellow > average, green > two standard deviations.
#hint period: Averaging period.
#hint capMultiplier: Multiple of standard deviation at which large spikes will be truncated with a magenta dot.
#hint capLargeSpikes: Truncate larger spikes at a given standard deviation multiplier to avoid scale compression.

declare lower;
   
input period = 14;
input capMultiplier = 5.0;
input capLargeSpikes = YES;
def isTickChart = if getAggregationPeriod() <= 3200 then 1 else 0;

def timer = secondsTillTime(1615);
def deltaT = absValue(timer[-1]-timer);

def momentum = if isTickChart then volume/deltaT else 0;;
def aveSM = average(momentum,period);
def sdAve = aveSM+2*stdev(momentum, period);
def spikeCap = totalSum(momentum)/barNumber()*capMultiplier;

plot tickMomentum = if capLargeSpikes then min(momentum, spikeCap) else momentum;
plot cap = if capLargeSpikes and tickMomentum==spikeCap then spikeCap else double.nan;
cap.setStyle(curve.POINTS);
cap.setLineWeight(2);
cap.setDefaultColor(color.magenta);

tickMomentum.setPaintingStrategy(paintingStrategy.HISTOGRAM);
tickMomentum.setLineWeight(2);

tickMomentum.assignValueColor(if tickMomentum >=min(spikeCap, sdAve) then color.green else if tickMomentum > aveSM then color.yellow else color.red);

plot zero = 0;
zero.setDefaultColor(color.white);

addChartLabel(!isTickChart,"THIS STUDY ONLY FOR USE ON TICK CHARTS",color.red);

Switch over to Tick charts or else it will not work. I found it here.

 

[SolidChiken]

Following is what the article explains about the study:

It detects fast changes in the pace of the tape. The green bars are “extreme” spikes. When you get these extreme spikes it indicates an algo, HFT, or large institution is executing a huge order, and the pace of the tape is above average. When you get spikes around 600 or more, often they can indicate tops or bottoms.

 

[Shinthus]

That's sick! It's basically another type of market internal.

 

[SolidChiken]

Thank you @BenTen. Grateful...
Hmm... Now then realized this study requires Tick chart.
Gotta find out if it works for me.

 

[Shinthus]

Not sure if this is what you're looking for.

# TS_TapeMomentum
# http://www.thinkscripter.com
# [email protected]
# Last Update 07 Nov 2010

#hint: For use on tick charts <b>ONLY</b>. Red inidcates average momentum, yellow > average, green > two standard deviations.
#hint period: Averaging period.
#hint capMultiplier: Multiple of standard deviation at which large spikes will be truncated with a magenta dot.
#hint capLargeSpikes: Truncate larger spikes at a given standard deviation multiplier to avoid scale compression.

declare lower;
  
input period = 14;
input capMultiplier = 5.0;
input capLargeSpikes = YES;
def isTickChart = if getAggregationPeriod() <= 3200 then 1 else 0;

def timer = secondsTillTime(1615);
def deltaT = absValue(timer[-1]-timer);

def momentum = if isTickChart then volume/deltaT else 0;;
def aveSM = average(momentum,period);
def sdAve = aveSM+2*stdev(momentum, period);
def spikeCap = totalSum(momentum)/barNumber()*capMultiplier;

plot tickMomentum = if capLargeSpikes then min(momentum, spikeCap) else momentum;
plot cap = if capLargeSpikes and tickMomentum==spikeCap then spikeCap else double.nan;
cap.setStyle(curve.POINTS);
cap.setLineWeight(2);
cap.setDefaultColor(color.magenta);

tickMomentum.setPaintingStrategy(paintingStrategy.HISTOGRAM);
tickMomentum.setLineWeight(2);

tickMomentum.assignValueColor(if tickMomentum >=min(spikeCap, sdAve) then color.green else if tickMomentum > aveSM then color.yellow else color.red);

plot zero = 0;
zero.setDefaultColor(color.white);

addChartLabel(!isTickChart,"THIS STUDY ONLY FOR USE ON TICK CHARTS",color.red);

Switch over to Tick charts or else it will not work. I found it here.

I'm confused. I typed in "$TICK" and I don't see the study.

 

[markos]

@Shinthus it's not $tick but a Tick chart as in Bar or Candle chart.

 

[BenTen]

@Shinthus Click on your current timeframe and adjust it to this.

 

[BenTen]

@SolidChiken This indicator is fascinating. If you find any good examples of how to use it, please share. If you or @Shinthus or anyone for that matter don't want to use tick chart then replace the following code:

def momentum = if isTickChart then volume/deltaT else 0;;

with

def momentum = volume/deltaT;

Not sure if doing so would keep the same concept but worth experimenting.

 

[SolidChiken]

No words to express my gratitude to you @BenTen. I was in trouble earlier on about the Tick Chart. Your code helped me greatly. Thank you so much