TMO True Momentum Oscillator For ThinkOrSwim

[TPTrades]

I would like to have a scanner that shows stocks that are crossing below the overbought line and crossing above the oversold line.

 

[MerryDay]

Thanks @MerryDay what would I need to scan for to check for overbought and oversold levels for the overbought and oversold levels for the TMO?

Example RSI 30/70.

scan filters for overbought and oversold:

main crosses above os

or

main crosses below ob

How to apply scan filters in the scan hacker:
https://usethinkscript.com/threads/how-to-use-thinkorswim-stock-hacker-scans.284/

 

[peregrine]

Is there a method to change the code of the TMO, so that the view becomes larger on the screen, or even superimpose it over the price chart? The size of the TMO graph seems to vary with the price level of the issue, e.g., the view is much smaller for a $500 stock, and much larger for a $50 stock.

 

[useThinkScript]

Is there a method to change the code of the TMO, so that the view becomes larger on the screen, or even superimpose it over the price chart?

Here are the various scripts superimposing TMO data on the upper chart:
https://usethinkscript.com/threads/...llator-for-thinkorswim.9413/page-2#post-85843
https://usethinkscript.com/threads/...lator-for-thinkorswim.9413/page-5#post-117854
https://usethinkscript.com/threads/...lator-for-thinkorswim.9413/page-6#post-131913
https://usethinkscript.com/threads/...lator-for-thinkorswim.9413/page-6#post-131935

The size of the TMO graph seems to vary with the price level of the issue, e.g., the view is much smaller for a $500 stock, and much larger for a $50 stock.

Please provide annotate images displaying the "size of the TMO graph vary with the price level of the issue"
phenomenon so contributors can understand and offer a solution.

 

[Moody]

Is there a method to change the code of the TMO, so that the view becomes larger on the screen, or even superimpose it over the price chart? The size of the TMO graph seems to vary with the price level of the issue, e.g., the view is much smaller for a $500 stock, and much larger for a $50 stock.

I was thinking about this just the other day. If I could just have the signal on the price chart.

 

[useThinkScript]

I was thinking about this just the other day. If I could just have the signal on the price chart.

https://usethinkscript.com/threads/...llator-for-thinkorswim.9413/page-2#post-85843

 

[Amarante]

For those interested I include how I am using TMO combined with 2 RSI indicators on a normalized scale for swing trading on day charts. Below is a graphic and below that the code. TMO in yellow. The RSI's in Cyan and Magenta.
View attachment 12893

# 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.
#@rlohmeyer: RSI,TMO on normalized scale
declare lower;
#Scale Normaliztion Script
script normalizePlot {
    input normalize_data = close;
    input MinRng = -1;
    input MaxRng = 1;
    def HH = HighestAll( normalize_data );
    def LL = LowestAll( normalize_data );
    plot NR = ((( MaxRng - MinRng ) * ( normalize_data - LL )) / ( HH - LL )) + MinRng;
}

#TMO
input Tmo_Price = close;
input Tmo_data_length = 5;
input Tmo_Ema_Length = 5;
def o = open;
def TMOdata = fold i = 0 to TMO_data_length with s do s + (if TMO_price > getValue(o, i) then 1 else if TMO_price < getValue(o, i)    then - 1 else 0);
def TMOavg = ExpAverage(TMOdata, TMO_EMA_Length);
#RSI
input RSI_price = close;
def RSI_Average = AverageType.WILDERS;
input RSI_Avg_Length = 2;
def NetChgAvg = MovingAverage(RSI_Average, RSI_price - RSI_price[1], RSI_Avg_Length);
def TotChgAvg = MovingAverage(RSI_Average, AbsValue(RSI_price - RSI_price[1]), RSI_Avg_Length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
def RS = 50 * (ChgRatio + 1);
input Rsi_Ema_Length = 2;
def RSIavg =  ExpAverage(RS, RSI_EMA_Length);
#RSI2
input RsiTwoPrice = close;
def RsiTwoAverage = AverageType.WILDERS;
input RsiTwoAvgLength = 2;
def NetChgAvg2 = MovingAverage(RsiTwoAverage, RsiTwoPrice - RsiTwoPrice[1], RsiTwoAvgLength);
def TotChgAvg2 = MovingAverage(RsiTwoAverage, AbsValue(RsiTwoPrice - RsiTwoPrice[1]), RsiTwoAvgLength);
def ChgRatio2 = if TotChgAvg2 != 0 then NetChgAvg2 / TotChgAvg2 else 0;
def RS2 = 50 * (ChgRatio2 + 1);
input RsiTwoEmaLength = 2;
def RSIavg2 =  ExpAverage(RS2, RsiTwoEmaLength);

#Scale parameters
input MaxRng = 100;#Max range value
input MinRng = 0;#Min range value
input OBH = 95;
input OBL = 90;
Addcloud(OBH,OBL,color.green);
input OSH = 10;
input OSL = 5;
Addcloud(OSH,OSL,color.red);

#Scale normalization based on parameters
def newTMO = normalizePlot(TMOavg, MinRng, MaxRng );
def newRSI = normalizePlot(RSIavg, MinRng, MaxRng );
def newRSI2 = normalizePlot(RSIavg2, MinRng, MaxRng );
#Plots
plot TMO = newTMO;
TMO.setdefaultColor(color.yellow);
TMO.Hidebubble();
TMO.hidetitle();

plot RSI = newRSI;
RSI.setdefaultColor(color.cyan);
RSI.hidebubble();
RSI.hidetitle();

plot RSI2 = newRSI2;
RSI2.setdefaultColor(color.magenta);
RSI2.hidebubble();
RSI2.hidetitle();

plot Mid = (MaxRng + MinRng)/2;
Mid.setdefaultColor(color.light_gray);
Mid.hidebubble();
Mid.hidetitle();

I see on your chart that you have monthly horizontal volume shelves with a cyan colored monthly vwap. Could you please share this script?

 

[rlohmeyer]

@Amarante

Hi,

The link below shows my present swing trade setup for the daily time frame, which includes both monthly volume profile (modified by me) as well as Point of Control for the full chart time frame, which allows another level of reference:
https://usethinkscript.com/threads/rsi-tmo-chart-setup-for-thinkorswim.18827/


Regards,
Bob

 

[dunpeal]

Is there a way to code this so the line on the chart and not the indicator?

Maybe try this one man.

#hint: TMO calculates momentum using the DELTA of price. Giving a much better picture of trend, trend reversals and divergence than momentum oscillators using price.

declare upper;

input length = 14;
input calcLength = 5;
input smoothLength = 3;

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);
def Main = ExpAverage(EMA5, smoothLength);


def zero = if IsNaN(c) then Double.NaN else 0;
     #zero.SetDefaultColor(Color.gray);
     #zero.hideBubble();
     #zero.hideTitle();
def ob = if IsNaN(c) then Double.NaN else Round(length * .7);

def os = if IsNaN(c) then Double.NaN else -Round(length * .7);


input TMOLabels = yes;

# End Code TMO Short Term
#################################################################
#TMO2

input length2 = 42;
input calcLength2 = 15;
input smoothLength2 = 9;

def o2 = open;
def c2 = close;
def data2 = fold i2 = 02 to length2
           with s2
           do s2 + (if c2 > GetValue(o2, i2)
                   then 1
                   else if c2 < GetValue(o2, i2)
                        then - 1
                        else 0);
def EMA52 = ExpAverage(data2, calcLength2);
def Main2 = ExpAverage(EMA52, smoothLength2);
def Signal2 = ExpAverage(Main2, smoothLength2);

def Diff = Main2 - Signal2;



#################################################################
def TMOup = Main > Main[1] and Diff > Diff[1];
def TMOdn = Main < Main[1] and Diff < Diff[1];
def TMOnet = !TMOup and !TMOdn;

input plotis = 0.00;
def TMO1 = plotis;

AddLabel(TMOLabels and TMOup, " TMO combo Bullish ", Color.GREEN);
AddLabel(TMOLabels and TMOdn, " TMO combo Bearish ", Color.RED);
AddLabel(TMOLabels and TMOnet, " TMO combo Neutral ", Color.YELLOW);

def TMOupB = TMOup and !TMOup[1];
def TMOdnB = TMOdn and !TMOdn[1];

input n = 0;
def n1  = n + 1;

def stochbuy = Main crosses above signal2 and os;
def stochsell = Main crosses below signal2 and ob;
###########

AddVerticalLine( if main crosses above os  and tmoup then high else Double.NaN, "Get Ready To Buy", Color.LIGHT_GREEN, Curve.FIRM);

AddVerticalLine( if main crosses below ob and tmodn then high else Double.NaN, "Get Ready To Short", Color.LIGHT_ORANGE, Curve.FIRM);

 

[dreamscape25]

Is there a way to filter out false signals? Perhaps an another indicator? Simply taking long or short positions based on the signals alone doesn't seem effective. Could you please advise?

 

[useThinkScript]

Is there a way to filter out false signals? Perhaps an another indicator? Simply taking long or short positions based on the signals alone doesn't seem effective. Could you please advise?

You have hit the issue with oscillators.
Oscillators are proven profitable studies when a trade trends.
When ranging, they present innumerable false signals.

read more:
https://usethinkscript.com/threads/how-to-read-an-oscillator-in-thinkorswim.11497/

 

[alapin]

My longer term chart: https://tos.mx/bc1Hwy

View attachment 4991

My Short term Chart: https://tos.mx/onxiH8

View attachment 4993

@markos thank you for sharing these as well as the links to Slim Ribbon indicator video. I was wondering if you could please clarify the difference between the RSILG_FE that you are using in your charts vs RSIL_ExponentOfPrice_V09_2022_10_20_Mobius (13). Is V09_2022 updated to be more reliable or is it geared for traders vs long term like the one you are using in your chart. I apologize I am in the early stages of learning about technical analysis and do not yet fully understand the difference between the two. I spent my prior years focused on fundamental analysis, behavioral finance; this year I set out a goal to learn technical analysis in hope of combining both skills and improving as a longer term investor/swing trader. I am trying to avoid tools that might be more geared for day trader vs someone that is focusing on longer term hence the reason behind my questions. I would greatly appreciate any feedback you (or anyone else perhaps @MerryDay that is familiar with the subject) could provide. Thank you in advance.

PS - I recently signed up as a member, after spending several days going through various threads I am amazed at the amount of talented and knowledgeable individuals on this site. While I am still in early stages of technical analysis I feel I have already gained a significant amount of knowledge, so thank you all for sharing your wisdom. Words cannot express my gratitude and appreciation.

 

[johnwood34]

I'm looking to remove a function in this tmo script because it makes the left axis of my chart smaller and I don't really pay any attention the calculation anyhow. I use the oscillator but have no need for the bubble on the left or the signal line that goes with it. Script below...

 

[useThinkScript]

I'm looking to remove a function in this tmo script because it makes the left axis of my chart smaller and I don't really pay any attention the calculation anyhow. I use the oscillator but have no need for the bubble on the left or the signal line that goes with it. Script below...

Your question? How to turn off the left axis on charts?

1. click the gear icon at the top of the chart
2. click on Price axis
3. un-click enable left axis
4. hit save

 

[johnwood34]

Sweet! Thank you so much!! I looked through those options and completely missed it...