True Momentum Oscillator for ThinkorSwim

[Thomas]

Teach us all, help us learn what you see,....post some images using "Imgur," and explain em,.....

 

[dmillz]

I found that using this with trend reversal indicator works really well. Wondering if anyone implemented the two together for a scan?

 

[tenacity11]

An example of TMO divergence with Trend Reversal

 

[Thomas]

@tenacity11 Nice chart,...yes, using "Hi-Lo," is very good tell something's coming,.....little hard to identify the divergence,....nice...

 

[vikram]

Anyone know scan code for TMO color changing from red to green and crossing 20% ?

 

[BenTen]

@vikram Main crosses above Signal and Main crosses above 20. Most likely both scenario won't happen within the same candle though, so keep that in mind.

 

[axlerod]

So super interesting Analysis I Wanna share.... thoughts be helpful. This is ACOR on a 30min time frame.

This indicator seems to be super similar to The Lazy Bear script... https://usethinkscript.com/threads/lazybears-intraday-momentum-index-for-thinkorswim.999/

Having a hard time debating which is more accurate....
Take a look let me know your thoughts....

 

[dmillz]

Anyone know scan code for TMO color changing from red to green and crossing 20% ?

how did u get multiple colors on the Overbought and over sold top and bottom lines?

 

[horserider]

@dmillz

plot Band = Pick a #;
plot Band2 = Pick a #;
Band.SetDefaultColor(CreateColor(0, 224, 0));
Band2.SetDefaultColor(CreateColor(0, 224, 0));

AddCloud(Band, Band2, Color.Choose a color);

 

[dmillz]

@dmillz

plot Band = Pick a #;
plot Band2 = Pick a #;
Band.SetDefaultColor(CreateColor(0, 224, 0));
Band2.SetDefaultColor(CreateColor(0, 224, 0));

AddCloud(Band, Band2, Color.Choose a color);

yeah the cloud takes up the whole graph "add Cloud..."

 

[vikram]

how did u get multiple colors on the Overbought and over sold top and bottom lines?

I have both TMO daily and TMO with aggregation in the same study that's why you see multiple colors.

 

[trouble56]

@BenTen I am curious if you know how to build an alert for when TMO goes from green to red. I tried modifying the study at the end to get the signals I want so I can get alerts off of it but it isn't working. Any help would be appreciated. Thank you.

def uarrow = Main > Signal;

def darrow = Main < Signal;

plot alert = if uarrow then 1 else if darrow then -1 else 0;

I also added declare lower so it shows up on the bottom

 

[BenTen]

@trouble56 Try adding this to your current script:

def green = Main crosses above Signal;
Alert(green, " ", Alert.Bar, Sound.Chimes);

 

[rob_will_trade_it]

Can somebody post the link to the "True_Momentum" thread

I'm looking a description

 

[subharmonic]

Just a FYI, this was part of my chat with tech support on a "script execution time error" when scanning with the True Momentum Oscillator.

Sorry if this is a repeat.

Thank you for chatting into thinkorswim sorry for the wait. If the script requires extensive calculations such as recursions over a long period of time it will return this execution timeout. I can take a look at your scan with you to see if there may be a good way to modify it so that it works. You are welcome to share the scan query with us by clicking the three lines in the upper right and then "Share scan query" and then paste the hyperlink into our chat here to review, but I cannot promise that there will be a fix if the necessary calculations are extensive, the scan may need to be broken down into more than one scan or use a more narrow lookback period or something like that

t's the "Fold" iterations in the "data" variable that are breaking this down in the scan and making it timeout. The scan tab really just can't handle the "fold" reserved word. I have not found a good workaround to get this to work yet I'm sorry

There is not a good alternative to replace the "Fold" operator, but something that you could do is create a smaller watchlist instead of all symbols and run the same thinkscript scan over a smaller list of symbols. If you try to perform this calculation on all stocks or something like that it will likely time out, but if you have a smaller list of symbols that you want to run this calculation over in the scan that is the best workaround I can think of. Doing these many iterations on all symbols is just too much processing power

 

[BenTen]

@subharmonic How did you set up your scanner for the TMO indicator? Can you post a screenshot?

 

[subharmonic]

@subharmonic How did you set up your scanner for the TMO indicator? Can you post a screenshot?

Not sure exactly sure what you mean. I was a combo of the TMO and another indicator in one script. About 63 lines with half being hints. Filtered by "weekly" only.

Also I think this info should have stayed elsewhere as the point of my post was that the recursive data messes with their scans as it is just pounding them, needs to have a smaller pool of securities look at. It is not necessarily a TMO thing, it is a server resource issue. Just my opinion.

 

[BenTen]

@subharmonic True momentum oscillator was the only indicator you mentioned in your post. That is why it was moved here. It looks like you were able to resolve this issue by scanning in a smaller watchlist.

 

[subharmonic]

@BenTen Yes. I have seen this before on larger scripts. It make sense that taking too many resources they are going to nerf you somewhat. I thought filtering by weekly was enough but I guess not.

 

[dmillz]

what is everyone using in conjunction with this indicator? I am looking for more confirmation,