TMO Plus Volume and Volatility For ThinkOrSwim

[dart966]

I am a huge fan of Mobius' TMO (True Momentum Oscillator). Knowing that volume is the driving factor in moving price and that high volatility means greater price swings, I decided to apply this code to volume and volatility to create a 3 in 1 indicator. (Don't sleep on this KI and ED )

I have been using this for awhile to time my entries on lower timeframes and I am very impressed with the results; therefore, with all the latest scripts posted about volatility, I decided to share my favorite indicator, The TMO Plus.

Bullish reversals are more likely when TMO is under zero (even better with a bullish divergence) and Volume and Volatility are both high (over zero).

Explanation of colors:
Price Momentum - Green/Red
Volume - Cyan/Blue
Volatility - Yellow/Orange

Shared link: TMO__Plus

See attached picture and note the highlighted oval areas:

Upper indicators are:

Trend Pivot Points Indicator by Mobius

Dynamic Supply and Demand Zones [AlgoAlpha] by @samer800

# TMO Plus by dart966

# Original code created by Mobius
# TMO ((T)rue (M)omentum (O)scilator)
# Mobius
# V01.05.2018
# hint: TMO calculates momentum using the delta of price. Giving a much better picture of trend, tend reversals and divergence than momentum oscillators using price.

declare lower;


input length = 14; #8
input calcLength = 5; #6
input smoothLength = 3; #6
input lineWidth = 1;


def o = open;
def c = close;
def data = fold i = 0 to length
with s
do s + (if c > GetValue(o, i)
then 1
else if c < GetValue(o, i)
then - 1
else 0);
def EMA5 = ExpAverage(data, calcLength);
plot Main = ExpAverage(EMA5, smoothLength);
plot Signal = ExpAverage(Main, smoothLength);
Main.SetLineWeight(lineWidth);# Set line width
Signal.SetLineWeight(lineWidth);# Set line width

Main.AssignValueColor(if Main > Signal
then Color.GREEN
else Color.RED);
Signal.AssignValueColor(if Main > Signal
then Color.GREEN
else Color.RED);
Signal.HideBubble();
#Signal.HideTitle();
AddCloud (Main, Signal, Color.GREEN, Color.RED);



#***************************************************************************************

# TVO - True Volume Oscilator (modified TMO for volume by dart966)



input dataInput = {default volume, open_close};

input showLabels = yes;

def ov = volume;
def cv = volume;

def datav = fold iv = 0 to length
           with sv
           do sv + (if cv > GetValue(ov, iv)
                   then 1
                   else if cv < GetValue(ov, iv)
                        then - 1
                        else 0);
def EMA5v = ExpAverage(datav, calcLength);
plot Mainv = ExpAverage(EMA5v, smoothLength);
plot Signalv = ExpAverage(Mainv, smoothLength);
def sigtestv = Mainv > Signalv;

Mainv.AssignValueColor(if Mainv > Signalv
then Color.CYAN
else Color.BLUE);
Signalv.AssignValueColor(if Mainv > Signalv
then Color.CYAN
else Color.BLUE);

Signalv.HideBubble();
#Signalv.HideTitle();

AddCloud (Mainv, Signalv, Color.CYAN, Color.BLUE);


#***************************************************************************************


# True Implied Volatility Oscilator ((modified TMO for volatility by dart966)


#def imv = Sqrt(252) * stdev(log(close / close[1]), length);
def imv = impVolatility();

def oiv = imv;
def civ = imv;
def dataiv = fold iiv = 0 to length
with siv
do siv + (if civ > GetValue(oiv, iiv)
then 1
else if civ < GetValue(oiv, iiv)
then - 1
else 0);
def EMA5iv = ExpAverage(dataiv, calcLength);
plot Mainiv = ExpAverage(EMA5iv, smoothLength);
plot Signaliv = ExpAverage(Mainiv, smoothLength);
Mainiv.SetLineWeight(lineWidth);# Set line width
Signaliv.SetLineWeight(lineWidth);# Set line width

Mainiv.AssignValueColor(if Mainiv > Signaliv
then Color.GRAY
else Color.LIGHT_GRAY);
Signaliv.AssignValueColor(if Mainiv > Signaliv
then Color.YELLOW
else Color.ORANGE);
Signaliv.HideBubble();
Signal.HideTitle();
AddCloud (Mainiv, Signaliv, Color.YELLOW, Color.ORANGE);
plot zeroiv = if IsNaN(civ) then Double.NaN else 0;

plot zerov = if IsNaN(cv) then Double.NaN else 0;
zerov.SetDefaultColor(Color.GRAY);
zerov.HideBubble();
#zerov.HideTitle();


plot obv = if IsNaN(cv) then Double.NaN else Round(length * .7);
obv.SetDefaultColor(Color.GRAY);
obv.HideBubble();
obv.HideTitle();
plot osv = if IsNaN(cv) then Double.NaN else -Round(length * .7);
osv.SetDefaultColor(Color.GRAY);
osv.HideBubble();
osv.HideTitle();


DefineGlobalColor("OverBought", CreateColor(100, 40, 40));
DefineGlobalColor("OverSold", CreateColor(40, 40, 100));
AddCloud(obv, length, GlobalColor("OverBought"), GlobalColor("OverBought"));
AddCloud(-length, osv, GlobalColor("OverSold"), GlobalColor("OverSold"));

# end of script