True Momentum Oscillator for ThinkorSwim

markos

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.
 
H

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/
 
K

kulllsss

New member
@HighBredCloud ... Hi.. could you please share this setup. I couldnt find the link for it.
 
lowtrade

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

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.
 
S

stockfella

New member
Curious if any one knows if there is a script to add to the True Momentum Osc that picks up on divergence between price and the TMO lines?
 
H

henry1224

Member
VIP
Here is an indicator that adds labels for the TMO indicator
add several of them to the same chart section to get the outlook from several higher timeframes

Code:
##################################################

declare lower;
input period = AggregationPeriod.DAY;
input length = 14;
input calcLength = 5;
input smoothLength = 3;
DefineGlobalColor("Long", Color.Green);
DefineGlobalColor("Short", Color.RED);
DefineGlobalColor("Neutral", Color.Yellow);
DefineGlobalColor("arrow Buy", Color.Cyan);
DefineGlobalColor("arrow Sell", Color.Orange);

Script SymbolTMO{
input period = AggregationPeriod.DAY;
def OP = Open(period= period);
def CP = Close(Period= period);
input length = 14;
input calcLength = 5;
input smoothLength = 3;
def data = fold i = 0 to length
           with s
           do s + (if cp > getValue(op, i)
                   then 1
                   else if cp < getValue(op, i)
                        then - 1
                        else 0);
def EMA5 = ExpAverage(data, calcLength);
Def Main = ExpAverage(EMA5, smoothLength);
Def Signal = ExpAverage(Main, smoothLength);
Plot Result = If main > Signal then 1 else if Main <  Signal then -1 else 0;}
Script SymbolTMOArrow{
input period = AggregationPeriod.DAY;
def OP = Open(period= period);
def CP = Close(Period= period);
input length = 14;
input calcLength = 5;
input smoothLength = 3;
def data = fold i = 0 to length
           with s
           do s + (if cp > getValue(op, i)
                   then 1
                   else if cp < getValue(op, i)
                        then - 1
                        else 0);
def EMA5 = ExpAverage(data, calcLength);
Def Main = ExpAverage(EMA5, smoothLength);
Def Signal = ExpAverage(Main, smoothLength);
Plot Result = If main Crosses Above Signal then 1 else if Main Crosses Below Signal then -1 else 0;}
def currentPeriod = GetAggregationPeriod();
def s1;
def h1;

if period >= currentPeriod {
    s1 = SymbolTMO(period = period ,Length = Length, calclength = calcLength,SmoothLength = smoothLength);
    h1 = SymbolTMOArrow(period = period ,Length = Length, calclength = calcLength,SmoothLength = smoothLength);
} else {
    s1 = Double.NaN;
    h1 = DOuble.Nan;
}
AddLabel(!IsNaN(s1), "TMO:" + (if period == AggregationPeriod.MONTH then "M"
else
if period == AggregationPeriod.WEEK then "W"
else
if period == AggregationPeriod.FOUR_DAYS then "4D"
else
if period == AggregationPeriod.THREE_DAYS then "3D"
else
if period == AggregationPeriod.TWO_DAYS then "2D"
else
if period  == AggregationPeriod.DAY then "D"
else
if period == AggregationPeriod.FOUR_HOURS then "4H"
else
if period == AggregationPeriod.TWO_HOURS then "2H"
else
if period == AggregationPeriod.HOUR then "60m"
else
if period == AggregationPeriod.THIRTY_MIN then "30m"
else
if period == AggregationPeriod.TWENTY_MIN then "20m"
else
if period  == AggregationPeriod.FIFTEEN_MIN then "15m"
else
if period == AggregationPeriod.TEN_MIN then "10m"
else
if period == AggregationPeriod.FIVE_MIN then "5m"
else
if period == AggregationPeriod.FOUR_MIN then "4m"
else
if period  == AggregationPeriod.THREE_MIN then "3m"
else
if period == AggregationPeriod.TWO_MIN then "2m"
else
if period  == AggregationPeriod.MIN then "1m"
else ""), if s1 == 1 then GlobalColor("Long") else if s1 == -1 then GlobalColor("Short") else GlobalColor("Neutral"));
AddLabel(!IsNaN(h1) and h1 != 0, If h1 == 1 then "B" else if h1 == -1 then "S" else "-", if h1 == 1 then GlobalColor("arrow Buy") else if h1 == -1 then GlobalColor("arrow Sell") else color.gray);
 
technicallydreaming

technicallydreaming

Member
Is it recommend to change the settings on this indicator for the one minute chart?
 
M

MarinaMargarita

New member
Hi, new member here. Awesome oscillator. Would it be possible to add up/down arrows when the signal changes, but only when above or below the ob/os level?
 
F

FOTM_8888

New member
VIP
hey guys a quick question.. the someone have the Toptrade tools, linear compression pro? thanks
 
Z

ZION

New member
VIP
@markos how do you flip the volume bar color as the same as the chart Bar color can't find it on the link
 
markos

markos

Well-known member
VIP
@markos how do you flip the volume bar color as the same as the chart Bar color can't find it on the link
Did you get it working? If not, please post a picture using imgur.com. Thanks
 
moutic777

moutic777

New member
VIP
Hello,
Playing with TMO. Anyone use it to detect divergence in combination with price action? i.e. similar to Stochatic/MACD to detect price movement divergence. Thanks
 
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