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True Momentum Oscillator for ThinkorSwim

zeek

Active member
2019 Donor
@Mark1126 Just a slight modification to cut down on the number of signals and filter out some low R/R trades.

Code:
def BUYsignal =Main < OS and Main crosses above Signal;
def SELLsignal = Main > OB and Main crosses below Signal;
addverticalline(BUYsignal,"Buy",color.green,curve.firm);
addverticalline(SELLsignal,"Sell",color.red,curve.firm);

Wondering if it`s possible to add another condition to these buy/sell signals and the condition is the RSI value. For example, only trigger sell signal if RSI is above 70.
Can this be added to the code above somehow?
 
@Mark1126 Just a slight modification to cut down on the number of signals and filter out some low R/R trades.

Code:
def BUYsignal =Main < OS and Main crosses above Signal;
def SELLsignal = Main > OB and Main crosses below Signal;
addverticalline(BUYsignal,"Buy",color.green,curve.firm);
addverticalline(SELLsignal,"Sell",color.red,curve.firm);
Newer here, where would I insert this part of the code if already using TMO?
 

zeek

Active member
2019 Donor
Wondering if it`s possible to add another condition to these buy/sell signals and the condition is the RSI value. For example, only trigger sell signal if RSI is above 70.
Can this be added to the code above somehow?

Can anyone help me with this request? Need to filter out the signals even more by only trigger buy if RSI is below 30 and vice versa, sell signal only if RSI is above 70.
 
@Mark1126 Just a slight modification to cut down on the number of signals and filter out some low R/R trades.

Code:
def BUYsignal =Main < OS and Main crosses above Signal;
def SELLsignal = Main > OB and Main crosses below Signal;
addverticalline(BUYsignal,"Buy",color.green,curve.firm);
addverticalline(SELLsignal,"Sell",color.red,curve.firm);

I suck at code and have the TMO on my chart, but having trouble finding the original script code for TMO to add the extra code for buy and sell signal from @DeusMecanicus
 

URA

New member
VIP
hello Guru's

How to create a scanner for this script when weekly_TMO and day_ TMO in green and crossing for buy signal. Any help would be great.
 

HighBredCloud

Well-known member
VIP
Can anyone help me with this request? Need to filter out the signals even more by only trigger buy if RSI is below 30 and vice versa, sell signal only if RSI is above 70.
The only issue that I see with that request is that there are plenty of stocks that are exploding past the 70 RSI on the DAILY chart...you getting a sell signal might put you upside down on your position....same with below 30...I have seen stocks touch 10 RSI or less...just saying.
 

zeek

Active member
2019 Donor
The only issue that I see with that request is that there are plenty of stocks that are exploding past the 70 RSI on the DAILY chart...you getting a sell signal might put you upside down on your position....same with below 30...I have seen stocks touch 10 RSI or less...just saying.

I use TMO on intraday timeframes only so it’s not a problem and can always change the values too.
 

BWiz

New member
Can anyone help me with this request? Need to filter out the signals even more by only trigger buy if RSI is below 30 and vice versa, sell signal only if RSI is above 70.
Here you go.

def BUYsignal =Main < OS and Main crosses above Signal and Main < os;
def SELLsignal = Main > OB and Main crosses below Signal and Main > ob;
addverticalline(BUYsignal,"Buy",color.green,curve.firm);
addverticalline(SELLsignal,"Sell",color.red,curve.firm);
 

markos

Well-known member
VIP
Yeah me too...The highest timeframe I use is 1h and I see stocks every day dipping OVER the 70-90 RSI range while still going up...
@HighBredCloud @zeek @ezrollin The buy signal on Wilders RSI continues until it crosses below 70, opposite for sell signal, check out Chart School at StockCharts.com & Investopedia. Price is your first indicator. If it's going up, I follow price. Indicators only indicate potential.
 

HighBredCloud

Well-known member
VIP
@HighBredCloud @zeek @ezrollin The buy signal on Wilders RSI continues until it crosses below 70, opposite for sell signal, check out Chart School at StockCharts.com & Investopedia. Price is your first indicator. If it's going up, I follow price. Indicators only indicate potential.

This is a strategy that seems to work well as long as you follow the rules. I have noticed some RSI readings way into the 90 on the 1 hour...Personally when RSI is that high I use the RSI 5 SMA crossover as the exit. So many ways to trade tho...find what suits you...right?

https://usethinkscript.com/threads/simple-yet-very-powerful-swing-trading-strategy.272/
 

lowtrade

Member
VIP
Thanks @markos for the scan. Is it possible to run the scan when it is turning from red to green in the last two candles? I really appreciate it.
 

markos

Well-known member
VIP
Thanks @markos for the scan. Is it possible to run the scan when it is turning from red to green in the last two candles? I really appreciate it.
@lowtrade it changes color when the Delta of Price changes polarity.
Save a scan to a dynamic watchlist and when it repopulates every 3 minutes or so, it will show you candidates to then click on to see the chart.
Suggest you stick with a smaller list of liquid products. Look into adding Supertrend to it, possibly.
Further, look below for similar threads or use the search bar to query the website. Sorry I can't help further.
If you are scalping or daytrading, someone else would need to chime in or post this in the Questions thread.
 

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