True Momentum Oscillator for ThinkorSwim

horserider

horserider

Well-known member
VIP
@diazlaz Darn TMO I am dumping it. Those oscillator swings from top to bottom are too extreme.
 
markos

markos

Well-known member
VIP
@horserider If you're on a intra day timeframe, I would think it's tough. I never could invest that fast. I use the weekly and daily and let it go to +10 or - 10 as my tops & bottoms and yet I would still lean on price action first. The original scale was +20 / -20.
No problem moving on, as you've noted before, many indicators will tell you the same thing. I believe it's all in the lipstick.
 
horserider

horserider

Well-known member
VIP
@markos I like to play with shorter times. TMO is a great indicator just not working for me at this time. Probably will keep experimenting with it in the future. I have configured the stochastic and RSI to give the same phase changes but without the big oscillation. So will continue with one of those. Thanks for all your contributions here. Just was venting earlier as TMO signaled to exit a trade and then it continued higher. Oh well. Learn and move forward.
 
D

diazlaz

Well-known member
2019 Donor
VIP
@diazlaz Darn TMO I am dumping it. Those oscillator swings from top to bottom are too extreme.
Yeah it was a BIG trending day today; every top was superseded, paper cut over 40 trades today, no mean reverting today. it happens. don't give up on it, things will settle down, and a combination of non trending days will mean revert the market.
 
D

diazlaz

Well-known member
2019 Donor
VIP
@diazlaz Darn TMO I am dumping it. Those oscillator swings from top to bottom are too extreme.
Working on a tweak @horserider :) - what type of trader are you? scalp, intraday, intermediate, position, longer term?
 
tenacity11

tenacity11

Active member
2019 Donor
Working on a tweak @horserider :) - what type of trader are you? scalp, intraday, intermediate, position, longer term?
I use the TMO also and trade 15m and 5m charts. I'd be interested in any tweaks you may be making.
 
horserider

horserider

Well-known member
VIP
Here is why I am not going to use TMO for now anyway. Can get equivalent signals and less oscillation.



Will be happy to look at any tweaks. Always interested in varied ideas.
 
C

chewie76

New member
I like the 3 min timeframe. I like trading futures.
I created an upper indicator that shows a dot on the candles that are over and under 5. This shows me times when I should look for a reversal. if the price doesn't reverse past that candle, then price should continue towards the trend. Below is the UPPER indicator.

# 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 = 6;
input calcLength = 3;
input smoothLength = 2;

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);
#plot Signal = ExpAverage(Main, smoothLength);

#plot zero = if isNaN(c) then double.nan else 0;

#plot ob = if isNaN(c) then double.nan else round(length * .8);

#plot os = if isNaN(c) then double.nan else -round(length * .8);

plot sell = if main is greater than 5 then 1 else 0;
plot buy = if main is less than -5 then 1 else 0;

BUY.SetPaintingStrategy(PaintingStrategy.BOOLEAN_POINTS);
BUY.SetDefaultColor(Color.CYAN);
SELL.SetPaintingStrategy(PaintingStrategy.BOOLEAN_POINTS);
SELL.SetDefaultColor(Color.CYAN);
BUY.SetLineWeight(5);
SELL.SetLineWeight(5);
 
C

chewie76

New member
@markos I like to play with shorter times. TMO is a great indicator just not working for me at this time. Probably will keep experimenting with it in the future. I have configured the stochastic and RSI to give the same phase changes but without the big oscillation. So will continue with one of those. Thanks for all your contributions here. Just was venting earlier as TMO signaled to exit a trade and then it continued higher. Oh well. Learn and move forward.
Try 6,3,2 setting.
 
T

TraderBen

New member
Here is why I am not going to use TMO for now anyway. Can get equivalent signals and less oscillation.



Will be happy to look at any tweaks. Always interested in varied ideas.
The RSI_Rands indicator looks like it could be quite helpful.
Is this indicator available for sharing?
 
horserider

horserider

Well-known member
VIP
@TraderBen Search for Ultimate RSI . Should find what you want there.
 
D

dolomick

Member
I created an upper indicator that shows a dot on the candles that are over and under 5. This shows me times when I should look for a reversal. if the price doesn't reverse past that candle, then price should continue towards the trend. Below is the UPPER indicator.

# 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 = 6;
input calcLength = 3;
input smoothLength = 2;

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);
#plot Signal = ExpAverage(Main, smoothLength);

#plot zero = if isNaN(c) then double.nan else 0;

#plot ob = if isNaN(c) then double.nan else round(length * .8);

#plot os = if isNaN(c) then double.nan else -round(length * .8);

plot sell = if main is greater than 5 then 1 else 0;
plot buy = if main is less than -5 then 1 else 0;

BUY.SetPaintingStrategy(PaintingStrategy.BOOLEAN_POINTS);
BUY.SetDefaultColor(Color.CYAN);
SELL.SetPaintingStrategy(PaintingStrategy.BOOLEAN_POINTS);
SELL.SetDefaultColor(Color.CYAN);
BUY.SetLineWeight(5);
SELL.SetLineWeight(5);

I will try this, thanks. Do I need to use your modified settings you posted for the upper indicator to work properly? I've been using the default settings.

@horserider I like the MTF TMO to avoid what you are speaking of, and I look for divergences. The second higher low or second lower high is a good entry/exit signal for me. Also, I of course use it with other indicators. Around 11:30 on the chart you posted (most recent day) where there is a lower high would be my entry on the short. It is a lower high.
 
horserider

horserider

Well-known member
VIP
Ok good plan. I would rather just have the smoother plots. Can do it on TMO also, check post #108. All momentum studies so choose what works best. I just prefer RSI then Stochastic or MACD over TMO. There is a MTF RSI on here somewhere, think I added it.
 
D

dolomick

Member
Ok good plan. I would rather just have the smoother plots. Can do it on TMO also, check post #108. All momentum studies so choose what works best. I just prefer RSI then Stochastic or MACD over TMO. There is a MTF RSI on here somewhere, think I added it.
I actually really like how you slowed down the TMO, it gave a very clear sell signal on the third day from the left, about halfway through the day and a bit later when the green turned to red. Clearer to me than the other two indicators. I may try that setting. Thanks!
 
H

HighBredCloud

Active member
@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
@markos What is the reason behind your question? Is it that you want to display the last 3 days on the daily chart when TMO changed polarity? I am not sure how this particular scan works...but does it ONLY show the first day of the polarity change on the daily chart and no longer pulls up stocks that had polarity change more than a day ago...? Because if that is the case where the scanner would pull up the last 3 days of the polarity change on the daily chart that would be great...

I still don't understand about the 3 periods past crossing part...I am trying to find a good way to scan via TMO...
 
switchfire

switchfire

Member
VIP
Hello,

Hopefully I didn't miss this somewhere on one of the pages, but I'm trying to figure out how to set up a scan for a specific time frame for when the momentum changes. It doesn't need to be in the +10/-10 areas, just any time it switches. I'm going to set an alert with the scan.

Thanks for any insight!
@tomsk @BenTen
 

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