Momentum Chart & Label For ThinkOrSwim

[rad14733]

I used the standard momentum histogram colors, CYAN, BLUE, RED, YELLOW... Modify for your needs...

# Momentum_Label
# Displays a Label to display current momentum
# Coded by rad14733 for usethinkscript.com
# v1.0 : 2021-08-11 : Initial release

# SETTINGS
input price = close;
input length = 20;

# MOMENTUM LOGIC

def K = (Highest(high, length) + Lowest(low, length)) / 2 + ExpAverage(close, length);
def momo = Inertia(price - K / 2, length);

def pos = momo >= 0;
def neg = momo < 0;
def up = momo >= momo[1];
def dn = momo < momo[1];

def posUp = pos and up;
def posDn = pos and dn;
def negDn = neg and dn;
def negUp = neg and up;

# DISPLAY LABEL

AddLabel(yes,
  if posUp then "Pos+Up"
  else if posDn then "Pos+Dn"
  else if negDn then "Neg+Dn"
  else if negUp then "Neg+Up"
  else "",
  if posUp then Color.CYAN
  else if posDn then Color.BLUE
  else if negDn then Color.RED
  else if negUp then Color.YELLOW
  else Color.CURRENT
);

# END - Momentum_Label

 

[TraderTheJoker]

@thealphabreed Here you go... I used the standard momentum histogram colors, CYAN, BLUE, RED, YELLOW... Modify for your needs...

# Momentum_Label
# Displays a Label to display current momentum
# Coded by rad14733 for usethinkscript.com
# v1.0 : 2021-08-11 : Initial release

# SETTINGS
input price = close;
input length = 20;

# MOMENTUM LOGIC

def K = (Highest(high, length) + Lowest(low, length)) / 2 + ExpAverage(close, length);
def momo = Inertia(price - K / 2, length);

def pos = momo >= 0;
def neg = momo < 0;
def up = momo >= momo[1];
def dn = momo < momo[1];

def posUp = pos and up;
def posDn = pos and dn;
def negDn = neg and dn;
def negUp = neg and up;

# DISPLAY LABEL

AddLabel(yes,
  if posUp then "Pos+Up"
  else if posDn then "Pos+Dn"
  else if negDn then "Neg+Dn"
  else if negUp then "Neg+Up"
  else "",
  if posUp then Color.CYAN
  else if posDn then Color.BLUE
  else if negDn then Color.RED
  else if negUp then Color.YELLOW
  else Color.CURRENT
);

# END - Momentum_Label

Is there anyway to get this study or the squeeze study to work on the mobile app? Thank you I appreciate if anyone can help please

 

[MerryDay]

Hello & Welcome TraderTheJoker

The mobile app will not allow the use of multiple timeframes. There is no workaround.
You will find many of the more complex studies on this forum will not work on the mobile app.
Any chart that has vertical lines, labels, bubbles, clouds, color changes for slopes and lines, renko, and / or multiple timeframes does not work.

 

[dp11]

@thealphabreed Here you go... I used the standard momentum histogram colors, CYAN, BLUE, RED, YELLOW... Modify for your needs...

# Momentum_Label
# Displays a Label to display current momentum
# Coded by rad14733 for usethinkscript.com
# v1.0 : 2021-08-11 : Initial release

# SETTINGS
input price = close;
input length = 20;

# MOMENTUM LOGIC

def K = (Highest(high, length) + Lowest(low, length)) / 2 + ExpAverage(close, length);
def momo = Inertia(price - K / 2, length);

def pos = momo >= 0;
def neg = momo < 0;
def up = momo >= momo[1];
def dn = momo < momo[1];

def posUp = pos and up;
def posDn = pos and dn;
def negDn = neg and dn;
def negUp = neg and up;

# DISPLAY LABEL

AddLabel(yes,
  if posUp then "Pos+Up"
  else if posDn then "Pos+Dn"
  else if negDn then "Neg+Dn"
  else if negUp then "Neg+Up"
  else "",
  if posUp then Color.CYAN
  else if posDn then Color.BLUE
  else if negDn then Color.RED
  else if negUp then Color.YELLOW
  else Color.CURRENT
);

# END - Momentum_Label

Hey Rad, this is great! However, I am a new user and not sure I how I transfer this code to my ToS studies. Any help is appreciated!

 

[MerryDay]

Hey Rad, this is great! However, I am a new user and not sure I how I transfer this code to my ToS studies. Any help is appreciated!

https://usethinkscript.com/threads/how-to-import-existing-thinkscript-code-on-thinkorswim.10/

 

[thinkorJim]

@rad14733 Love the momentum indicator and the clean code! I've updated the script to plot the indicator in addition to the label in order to view it across time and see the momentum of the momentum-indicator. Colors of the plot match those used by the label.

# Momentum_Label_Plot
# Displays a Label to display current momentum
# Coded by rad14733 (v.1.0), updated by thinkorJim (v2.0)
# v1.0 : 2021-08-11 : Initial release (Label Only).
# v2.0 : 2021-12-03 : Plot of the Indicator and Label.

# SETTINGS
declare lower;

input price = close;
input length = 20;

# MOMENTUM LOGIC

def K = (Highest(high, length) + Lowest(low, length)) / 2 + ExpAverage(close, length);
plot momo = Inertia(price - K / 2, length);
plot zeroline = 0;

def pos = momo >= 0;
def neg = momo < 0;
def up = momo >= momo[1];
def dn = momo < momo[1];

def posUp = pos and up;
def posDn = pos and dn;
def negDn = neg and dn;
def negUp = neg and up;

# DISPLAY LABEL

AddLabel(yes,
  if posUp then "Pos+Up"
  else if posDn then "Pos+Dn"
  else if negDn then "Neg+Dn"
  else if negUp then "Neg+Up"
  else "",
  if posUp then Color.CYAN
  else if posDn then Color.BLUE
  else if negDn then Color.RED
  else if negUp then Color.YELLOW
  else Color.CURRENT
);

# PLOT DESIGN

momo.AssignValueColor(if posUp then Color.CYAN else if posDn then Color.BLUE else if negDn then Color.RED else if negUp then Color.YELLOW else Color.CURRENT);

momo.SetPaintingStrategy(PaintingStrategy.POINTS);
 
# END - Momentum_Label

 

[MerryDay]

If you want to display momentum in the traditional histogram, change the last line of @thinkorJim's above code from:

(PaintingStrategy.POINTS);

to:

(paintingStrategy.HISTOGRAM);

 

[ILIKESTOCKS]

If you want to display momentum in the traditional histogram, change the last line of @thinkorJim's above code from:

to:

This looks just like TTM_Squeeze from TOS...

 

[BJDIAZ1]

Thanks to rad14733 and thinkorJim for the Momentum study. However, I noticed it match almost exactly the MACD Histogram study when the length is set to 10.

 

[MerryDay]

Thanks to rad14733 and thinkorJim for the Momentum study. However, I noticed it match almost exactly the MACD Histogram study when the length is set to 10.

This phenomenon you are seeing is correlation and collinearity.
Read more here: https://usethinkscript.com/threads/...nt-to-successful-trading-in-thinkorswim.6114/
And here: https://thepatternsite.com/Oscillators.html