True Momentum Oscillator for ThinkorSwim

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horserider

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

markos

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@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.
 
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horserider

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@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.
 
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diazlaz

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@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Yeah it was a BIG trending day today; every top was superseded, paper cut over 40 trades today, no mean reverting today.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.
 
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diazlaz

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@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

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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.
 
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horserider

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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.
 
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horserider

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Can do the same with TMO trying to smooth the oscillation. Still prefer RSI.

 
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.
 

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