True Momentum Oscillator for ThinkorSwim

markos

markos

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Hi Markos, thanks for your guidance. You mention that you use the slim indicators in your trading, have you tried and paired up True Momentum Oscillator
Yes, please read from the beginning of the Thread. I shared 2 charts with TMO and Slim Ribbon.
 
tenacity11

tenacity11

Active member
2019 Donor
Is there a way to set up a scan for when the indicator is below -10 and changes in color from red to green?
TIA
 
G

Gator

New member
This one runs under my RSI Laguerre on a daily chart. Mobius recently put it on his trading chart.
Turn off after and before market hours. Delta of price is really only calculated during RTH. Unless you're trading futures, then if there's option trading, there's Delta of Price, as I understand it.
*It is traded at the polarity change signal, not the zero line. I love this indicator.
Hi, Thanks to everyone that posts in Usethinkscript. I have learned quite a bit as a new trader. I like the TMO and RSI Laguerre indicators for getting me into and out of trades. I added both to my TOS charts but I accidentally added them both into the same lower study. I’m glad it happened. Seeing both of them on top of each other gave me a better perspective as to how to use them in concert with each other. I’m experimenting with disabling the Gamma line in the Laguerre study especially since I haven’t learned enough about Gamma to help me in making trading decisions yet. Thanks again, @markos @BenTen @tenacity11 and everyone else.
 
BenTen

BenTen

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@Gator Glad to have you. Let us know how it goes:)
 
H

HighBredCloud

Active member
I haven't seen a TMO scanner when using the search function...so just incase someone is looking for one this is the best that I could find. Perhaps others here have updated scanners for it. I am just not sure about the SHORT scan for it...it seems off to me...as it does not work simply by commenting out the LONG scan...I would assume to make it work one would need to change from "plot Long = (Main crosses above signal) within 3 bar;" to "plot Long = (Main crosses below signal) within 3 bar; on the LONG scan.


Code:
# TMO_AlphaHisto

#

# AlphaHisto_JQ_v2018_08_21b

#       

 

 

input Correlation_Index = "SPY";

 

def close_index = close(Correlation_Index);

def RS = if close_index == 0 then 0 else close / close_index;

rec SR = CompoundValue("historical data" = RS, "visible data" = if IsNaN(SR[1]) then RS else SR[1]);

def SRatio =  SR;

 

def new_rs = (((RS / SRatio) - 1) * 100); #...... new_rs is the histogram bars

def delta_rs = (new_rs - new_rs[1]) / AbsValue(new_rs[1]);    #....  Changed formula to include absvalue on 2018-03-02

 

 

 

# 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.

 

input length = 14;

input calcLength = 5;

input smoothLength = 3;

 

def o_TMO = new_rs[1];

def c_TMO = new_rs;

 

def data = fold i = 0 to length

with s

do s + (if c_TMO > GetValue(o_TMO, i)

then 1

else if c_TMO < GetValue(o_TMO, i)

then - 1

else 0);

def EMA5 = ExpAverage(data, calcLength);

def Main = ExpAverage(EMA5, smoothLength);

def Signal = ExpAverage(Main, smoothLength);

 

# Note Comment-Out (#) whichever scan not being used.

# Long Scan

 plot Long = (Main crosses above signal) within 3 bar;

# Short Scan

#plot Short = RSI crosses below .8 and gamma > .6;

 

# End Code TMO
 
markos

markos

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@HighBredCloud You are correct. Replace the scan code with what I have below. Also delete everything that JQ put into the original code above the TMO information. JQ and I are on a quest for something else, so, his alphaHisto doesn't belong in this script for TMO purposes.
Thank you & HappyNewYear!

# Note Comment-Out (#) whichever scan not being used.

# Long Scan

plot Long = (Main crosses above signal) within 3 bar;

# Short Scan

#plot Short = (Main crosses below signal) within 3 bar;
 
markos

markos

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@tenacity11 Sorry that this got missed. Did you figure it out? I don't have the answer but someone else should.
 
markos

markos

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@chewie76 Could you let us know what time frame and type of security you trade?
 
J007RMC

J007RMC

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2019 Donor
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Thanks for sharing the charts. I have to ask how to set up the one large colored background?
 
tenacity11

tenacity11

Active member
2019 Donor
@tenacity11 Sorry that this got missed. Did you figure it out? I don't have the answer but someone else should.
Happy New Year Markos. No I haven't been able to figure it out yet. What I've been doing is scanning for main<-10 and then just waiting to see when it changes.
 
markos

markos

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VIP
Happy New Year Markos. No I haven't been able to figure it out yet. What I've been doing is scanning for main<-10 and then just waiting to see when it changes.
@tenacity11 If know one gets back to you by the weekend, please post a new question. I will look for something & hopefully get back to you before the weekend is over.
 
T

tomsk

Well-known member
VIP
Is there a way to set up a scan for when the indicator is below -10 and changes in color from red to green?
TIA
@tenacity11 Per your request, I have modified Mobius TMO to scan for stocks when it is below -10 and the cloud has transitioned from red to green. Scanning this against the S&P 500 I obtained 1 result and on the NASDAQ Composite I obtained 43 results, using daily aggregation.

At this point I don't expect too many results as the major indices have been making new highs and most stocks are not selling off. Wait to see a correlated market so when stocks do sell off you should see a lot more results

Code:
# TMO ((T)rue (M)omentum (O)scilator) Scan
# Mobius, with modifications by tomsk, 1.1.2020
# 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.

input length = 14;
input calcLength = 5;
input smoothLength = 3;
input level = -10;

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 Signal = ExpAverage(Main, smoothLength);

plot scan = main < level and signal < level and main > signal;
# End TMO ((T)rue (M)omentum (O)scilator) Scan
 
markos

markos

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@tomsk I trust vacation was good. Thank you for helping with @tenacity11 's question.
I have one for you. How do I set the scan up for polarity change within last three days as well as within the last 3 periods with all 3 periods past the crossing? Use another input? Thanks Markos
 
T

tomsk

Well-known member
VIP
@markos My assumption is that your request is for a polarity change (red to green) with a TMO reading of < -10. If that is the case just replace the last line of my previous post with the following line of code. There were no results on a daily scan of the S&P 500, but I managed to get 13 results on the NASDAQ Composite

Code:
plot scan = main < level and signal < level and sum(main > signal, 3) >= 3;
 
Last edited:
T

tomsk

Well-known member
VIP
@markos Be confident, from what I see from your various posts, you are gaining traction and getting right there. To gain further confidence, verify your scans on a lower plot of a chart when the signals are triggered. That's really the best way to learn how to do it.
 
D

diazlaz

Well-known member
2019 Donor
VIP
TMO is showing great potential. 6,3,2 (thanks @chewie76) for short term holdings has possibilities.

any one has any other timeframes, experiences or recommendations for real short trading jump in ;)
 
tenacity11

tenacity11

Active member
2019 Donor
@tenacity11 If know one gets back to you by the weekend, please post a new question. I will look for something & hopefully get back to you before the weekend is over.
Thanks so much Markos
 

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