This is a composite oscillator derived from modified 5/10/20 Chande's Dynamic Momentum Index values.
Volatility is factored in, by design. Look for OB/OS extremes and divergences.
I added the green/red ribbon look to make it easy to read :)
More info:
www.investopedia.com...micmomentumindex.asp
List of my public indicators: bit.ly/1LQaPK8
List of my app-store indicators: blog.tradingview.com/?p=970
Volatility is factored in, by design. Look for OB/OS extremes and divergences.
I added the green/red ribbon look to make it easy to read :)
More info:
www.investopedia.com...micmomentumindex.asp
List of my public indicators: bit.ly/1LQaPK8
List of my app-store indicators: blog.tradingview.com/?p=970
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // // List of my public indicators: http://bit.ly/1LQaPK8 // List of my app-store indicators: http://blog.tradingview.com/?p=970 // study(title="Chande Composite Momentum Index [LazyBear]", shorttitle="CCMI_LB") src=input(close, title="Source") lenSmooth=input(3, title="Composite Smoothing Length") trigg=input(5, title="Signal Length") calc_dema(src, length) => e1 = ema(src, length) e2 = ema(e1, length) 2 * e1 - e2 cmo51=sum( iff( src > src[1] , ( src - src[1] ) ,0 ) ,5 ) cmo52=sum( iff( src < src[1] , ( src[1] - src ) ,0 ) ,5 ) cmo5=calc_dema(100 * nz(( cmo51 - cmo52) /( cmo51+cmo52)),3) cmo101=sum( iff( src > src[1] , ( src - src[1] ) ,0 ) ,10 ) cmo102=sum( iff( src < src[1] , ( src[1] - src ) ,0 ) ,10 ) cmo10=calc_dema(100 * nz(( cmo101 - cmo102) /( cmo101+cmo102)),3) cmo201=sum( iff( src > src[1] , ( src - src[1] ) ,0 ) ,20 ) cmo202=sum( iff( src < src[1] , ( src[1] - src ) ,0 ) ,20 ) cmo20=calc_dema(100 * nz(( cmo201 - cmo202) /( cmo201+cmo202)),3) dmi=((stdev(src,5)* cmo5)+(stdev(src,10)* cmo10)+(stdev(src,20)*cmo20))/(stdev(src,5)+stdev(src,10)+stdev(src,20)) e=ema(dmi,lenSmooth), s=sma(dmi,trigg) hline(70,color=red, title="High2") ul=hline(30,color=green, title="High1") hline(0, color=black, title="Mid") ll=hline(-30,color=green, title="Low1") hline(-70,color=red, title="Low2") fill(ul,ll,black, title="MidRegionFill") duml=plot(e>s?s:e, style=circles, linewidth=0, color=gray, title="Dummy") cmil=plot(e,title="DynamicIndex",color=blue) tl=plot(s,title="trigger",color=red) fill(cmil, duml, color=lime, transp=50, title="PositiveFill") fill(tl, duml, color=red, transp=50, title="NegativeFill")