Rahul Mohindar Oscillator (RMO) Indicator for ThinkorSwim

BenTen

BenTen

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Rich (BB code):
# from TOS Yahoo Groups

declare lower;

Plot RMOSW2 = ExpAverage(100 *

(Close - ((SimplemovingAvg(Close, 2) +

SimplemovingAvg(SimplemovingAvg(Close, 2), 2) +

SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(Close, 2), 2), 2) +

SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(Close, 2), 2), 2), 2) +

SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(Close, 2), 2), 2), 2), 2) +

SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(Close, 2), 2), 2), 2), 2), 2) +

SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(Close, 2), 2), 2), 2), 2), 2), 2) +

SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(Close, 2), 2), 2), 2), 2), 2), 2), 2) +

SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(Close, 2), 2), 2), 2), 2), 2), 2), 2), 2) +

SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(SimplemovingAvg(Close, 2), 2), 2), 2), 2), 2), 2), 2), 2), 2)) / 10)) /

(Highest(Close, 10) - Lowest(Close, 10)), 30);

Plot RMOSW3 = ExpAverage(RMOSW2, 30);

Plot Zeroline = 0;
 
Last edited:
L

Lenaka

New member
Hi, What is different for each of the "Close"?

For example, am I correct take it that the Close in "Close - ((SimplemovingAvg(Close, 2)" refers to today's close and the simple moving average takes's today's close and yesterday's close into account?

If my approach above is correct, then which close is the next leg of the formula "SimplemovingAvg(SimplemovingAvg(Close, 2), 2)" referring to?

Thank you,
 
Camelotnite

Camelotnite

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Warehouse
I've been using this RMO indicator for a while. If you follow the video (www.youtube.com/watch?v=FOI_cy2c8o0), it is actually made up of 3 waves (rainbow oscillator). short, mid and long term. The key signal is when all 3 waves are aligned in the same direction. For aggressive entries, you can trade with 2 waves aligned. Welcome any comments to improve this.

 
Last edited:
Camelotnite

Camelotnite

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Code:
#==============

# Long term wave - This shows the trend

declare lower;

def RMO = 100*(CLOSE - ((Average(close,2) +

Average(Average(close,2),2) +

Average(Average(Average(close,2),2),2) +

Average(Average(Average(Average(close,2),2),2),2) +

Average(Average(Average(Average(Average(close,2),2),2),2),2) +

Average(Average(Average(Average(Average(Average(close,2),2),2),2),2),2) +

Average(Average(Average(Average(Average(Average(Average(close,2),2),2),2),2),2),2) +

Average(Average(Average(Average(Average(Average(Average(Average(close,2),2),2),2),2),2),2),2) +

Average(Average(Average(Average(Average(Average(Average(Average(Average(close,2),2),2),2),2),2),2),2),2) +

Average(Average(Average(Average(Average(Average(Average(Average(Average(Average(close,2),2),2),2),2),2),2),2),2),2)) / 10)) /

(Highest(close,10) - Lowest(close,10));

plot swingtrade = expaverage(RMO,81);

swingtrade.SetPaintingStrategy(paintingStrategy.HISTOGRAM);

swingtrade.SetLineWeight(3);

swingtrade.AssignValueColor(if swingtrade > 0 then color.CYAN else color.red);

#==============
 
Last edited by a moderator:
Camelotnite

Camelotnite

New member
Warehouse
Code:
#==============
# Mid and Short term waves - They create buy and sell signals
# translated from a Metastock script by rhouser
# set show RMO = no
declare lower;

input length = 2;
input rmoLength = 81;
input swingTrdLen = 30;
input showRMO = no;

def mva01 = MovingAverage( AverageType.SIMPLE, close, length );
def mva02 = MovingAverage( AverageType.SIMPLE, mva01, length );
def mva03 = MovingAverage( AverageType.SIMPLE, mva02, length );
def mva04 = MovingAverage( AverageType.SIMPLE, mva03, length );
def mva05 = MovingAverage( AverageType.SIMPLE, mva04, length );
def mva06 = MovingAverage( AverageType.SIMPLE, mva05, length );
def mva07 = MovingAverage( AverageType.SIMPLE, mva06, length );
def mva08 = MovingAverage( AverageType.SIMPLE, mva07, length );
def mva09 = MovingAverage( AverageType.SIMPLE, mva08, length );
def mva10 = MovingAverage( AverageType.SIMPLE, mva09, length );

def RMO = ( close - ( ( mva01 + mva02 + mva03 + mva04 + mva05 + mva06 + mva07 + mva08 + mva09 + mva10 ) / 10 ) ) / ( Highest( close, 10 ) - Lowest( close, 10 ) );

plot Swingtrade = MovingAverage( AverageType.EXPONENTIAL, RMO, rmoLength );
plot SwingTrd2 = MovingAverage( AverageType.EXPONENTIAL, RMO, swingTrdLen );
plot SwingTrd3 = MovingAverage( AverageType.EXPONENTIAL, SwingTrd2, swingTrdLen );
plot ZeroLine = 0;

#===============================[ Look & Feel ]================================
Swingtrade.SetPaintingStrategy( PaintingStrategy.HISTOGRAM );
Swingtrade.SetDefaultColor( Color.GREEN );
Swingtrade.SetLineWeight( 3 );
Swingtrade.SetHiding( !showRMO );
SwingTrd2.SetPaintingStrategy( PaintingStrategy.HISTOGRAM );
SwingTrd2.SetDefaultColor( Color.MAGENTA );
SwingTrd2.SetLineWeight( 3 );
SwingTrd2.SetHiding( showRMO );
SwingTrd3.SetPaintingStrategy( PaintingStrategy.LINE );
SwingTrd3.SetDefaultColor( Color.CYAN );
SwingTrd3.SetLineWeight( 1 );
SwingTrd3.SetHiding( showRMO );
SwingTrd3.AssignValueColor(if SwingTrd3 > 0 then Color.CYAN else Color.RED);
ZeroLine.SetDefaultColor( Color.BLACK );

# buy and sell conditions
def buy = if SwingTrd2 crosses above SwingTrd3 and SwingTrd3[0] > SwingTrd3[1] and SwingTrd3 > 0 then 1
else if SwingTrd3 crosses above 0 and SwingTrd3[0] > SwingTrd3[1] and SwingTrd3 > 0 then 1
else if SwingTrd2 crosses above 0 and SwingTrd3[0] > SwingTrd3[1] and SwingTrd3 > 0 then 1
else double.Nan;

def sell = if SwingTrd2 crosses below SwingTrd3 and swingtrade < 0 and swingtrade[0] < swingtrade[1] and low[0] < low[1] then 1
else if SwingTrd3 crosses below 0 and swingtrade < 0 and swingtrade[0] < swingtrade[1] and low[0] < low[1] then 1
else if SwingTrd2 crosses below 0 and swingtrade < 0 and swingtrade[0] < swingtrade[1] and low[0] < low[1] then 1
else double.Nan;

# def Bull = SwingTrd2 crosses above SwingTrd3 and RMO > 0;
# def Bear = SwingTrd3 crosses above SwingTrd2 and RMO < 0;
AddVerticalLine(Buy , "Up", Color.UPTICK);
AddVerticalLine(Sell, "Down", Color.LIGHT_RED);
#==============
 
Last edited by a moderator:
S

skynetgen

Active member
Warehouse
Just wanted comment of those kind of oscillators: The best thing about them compared to standard RSI/MACD etc is multiple timeframe confluence. By using multiple length on single main timeframe you get MTF signal. - The trick is fine tuning length to your criteria and setups. Especially tricky is the understanding the state of market (chop/trend/washout) and how these indicators behave in those.
Simple MTF rsi is more powerful than single timeframe RSI, but at same time much harder to use effectively.

The worst part about them is it is very hard to determine what exactly they measure. For example I have hard time figuring out what exactly is the point of this RMO calculations? (smoothing? decycling?)
 
Last edited:
blakecmathis

blakecmathis

Active member
Warehouse
I've been using this RMO indicator for a while. If you follow the video (www.youtube.com/watch?v=FOI_cy2c8o0), it is actually made up of 3 waves (rainbow oscillator). short, mid and long term. The key signal is when all 3 waves are aligned in the same direction. For aggressive entries, you can trade with 2 waves aligned. Welcome any comments to improve this.

How would I go about removing the up/down signals from the code?
 
Camelotnite

Camelotnite

New member
Warehouse
How would I go about removing the up/down signals from the code?
Just wanted comment of those kind of oscillators: The best thing about them compared to standard RSI/MACD etc is multiple timeframe confluence. By using multiple length on single main timeframe you get MTF signal. - The trick is fine tuning length to your criteria and setups. Especially tricky is the understanding the state of market (chop/trend/washout) and how these indicators behave in those.
Simple MTF rsi is more powerful than single timeframe RSI, but at same time much harder to use effectively.

The worst part about them is it is very hard to determine what exactly they measure. For example I have hard time figuring out what exactly is the point of this RMO calculations? (smoothing? decycling?)
I use this to give me sense of market direction and momentum. The entries and exits depends highly on price action.
 
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