CMOav ‒ Indikator av HPotter

cmoav

Hi
Let me introduce my CMOav Oscillator script.
This indicator plots average of three different length CMO's. This indicator
was developed by Tushar Chande. A scientist, an inventor, and a respected
trading system developer, Mr. Chande developed the CMO to capture what he
calls "pure momentum". For more definitive information on the CMO and other
indicators we recommend the book The New Technical Trader by Tushar Chande
and Stanley Kroll.
The CMO is closely related to, yet unique from, other momentum oriented
indicators such as Relative Strength Index, Stochastic, Rate-of-Change, etc.
It is most closely related to Welles Wilder?s RSI, yet it differs in several ways:
- It uses data for both up days and down days in the numerator, thereby directly
measuring momentum;
- The calculations are applied on unsmoothed data. Therefore, short-term extreme
movements in price are not hidden. Once calculated, smoothing can be applied to
the CMO, if desired;
- The scale is bounded between +100 and -100, thereby allowing you to clearly see
changes in net momentum using the 0 level. The bounded scale also allows you to
conveniently compare values across different securities.

Skript med en öppen källkod

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Vill du använda det här skriptet i ett diagram?

////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 18/04/2014
//    This indicator plots average of three different length CMO's. This indicator 
//    was developed by Tushar Chande. A scientist, an inventor, and a respected 
//    trading system developer, Mr. Chande developed the CMO to capture what he 
//    calls "pure momentum". For more definitive information on the CMO and other 
//    indicators we recommend the book The New Technical Trader by Tushar Chande 
//    and Stanley Kroll.
//    The CMO is closely related to, yet unique from, other momentum oriented 
//    indicators such as Relative Strength Index, Stochastic, Rate-of-Change, etc. 
//    It is most closely related to Welles Wilder?s RSI, yet it differs in several ways:
//    - It uses data for both up days and down days in the numerator, thereby directly 
//    measuring momentum;
//    - The calculations are applied on unsmoothed data. Therefore, short-term extreme 
//    movements in price are not hidden. Once calculated, smoothing can be applied to 
//    the CMO, if desired;
//    - The scale is bounded between +100 and -100, thereby allowing you to clearly see 
//    changes in net momentum using the 0 level. The bounded scale also allows you to 
//    conveniently compare values across different securities.
////////////////////////////////////////////////////////////
study(title="CMOav", shorttitle="CMOav")
Length1 = input(5, minval=1)
Length2 = input(10, minval=1)
Length3 = input(20, minval=1)
TopBand = input(70, minval=1)
LowBand = input(-70, maxval=-1)
hline(0, color=purple, linestyle=dashed)
hline(TopBand, color=red, linestyle=line)
hline(LowBand, color=green, linestyle=line)
xMom = close - close[1]
xMomabs = abs(close - close[1])
nSum1 = sum(xMom, Length1)
nSumAbs1 = sum(xMomabs, Length1)
nSum2 = sum(xMom, Length2)
nSumAbs2 = sum(xMomabs, Length2)
nSum3 = sum(xMom, Length3)
nSumAbs3 = sum(xMomabs, Length3)
nRes = 100 * (nSum1 / nSumAbs1 + nSum2 / nSumAbs2 + nSum3 / nSumAbs3 ) / 3
plot(nRes, color=blue, title="CMOav")

CMOav

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