Trend Momentum Divergence Indicator for ThinkorSwim

BenTen

BenTen

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#That will show mostly price within it's range compared to the indicator within it's range. Since the indicator is bound and price is free to run at any angle it please for as long is it damn well likes, it more or less will only allow you too see price against your indicator. If I was going to trade it on shorter timeframes, I would use this version 

# 

# Yet Another Divergence Script - Trend Momentum Divergence 

# Nube 6.5.18 

#hint: Usess linear of price scaled to RSI as an indicator of trend 

declare lower; 

input Length     = 14; 

input OverBought = 70; 

input OverSold   = 30; 

input Cloud      = yes; 

def na = Double.NaN; 

def indicator  = RSI(Length = length); 

script scale { 

    input c = 0; 

    input Min = 0; 

    input Max = 1; 

    def hh = HighestAll(c); 

    def ll = LowestAll(c); 

    plot Range = (((Max - Min) * (c - ll)) /  (hh - ll)) + Min; 

} 

def sPrice = scale(close, Lowest(indicator, length), Highest(indicator, length)); 

plot  

OB  = if !IsNaN(close) then OverBought else na; 

OB.SetDefaultColor(Color.Light_Red); 

plot  

OS  = if !IsNaN(close) then OverSold else na; 

OS.SetDefaultColor(Color.Light_Green); 

plot  

RSI = indicator; 

RSI.DefineColor("Over Bought", Color.Red); 

RSI.DefineColor("Over Sold", Color.Green); 

RSI.DefineColor("Typical", Color.White); 

RSI.AssignValueColor( 

if    RSI > OB  

then  RSI.color("Over Bought")  

else  if   RSI < overSold  

      then RSI.color("Over Sold")  

      else RSI.color("Typical") 

); 

plot  

priceTrend = Inertia(sPrice, length); 

priceTrend.DefineColor("Price Trend Down", CreateColor(150,50,50)); 

priceTrend.DefineColor("Price Trend Up", CreateColor(50,150,50)); 

priceTrend.AssignValueColor(if   priceTrend < priceTrend[1] 

                            then priceTrend.Color("Price Trend Down") 

                            else priceTrend.Color("Price Trend Up")); 

addCloud(if (cloud,rsi,na), priceTrend,  

CreateColor(50,150,50), CreateColor(150,50,50)); 

# f/ Trend Momentum Divergence
Shareable Link
http://tos.mx/qKnSH4

 
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