Tom1trader

MSI Momentum Strength Index 2x set Baiynd -Tom1trader

AMEX:GLD   SPDR GOLD TRUST
Stochastic Momemtum Index - a true strength indix tsi with a moving average signal.
This uses the built in with modifications per Anne-Marie Baiynds recommendations - she uses a SIMPLE MOVING AVERAGE
for the signal (signal length at 4x the short length seems to work best to reflect actual price action support or resistance)
see a YouTube vid (Note: settings in videio have been updated to her most recent recommendations in this code
video is entitled "The Most Reliable Technical Indicator I Have Ever Used"

Anne-Marie Baiynd also in talks / videos refers to the use of short / long of 4/20 and 6/ 40 and have combined both of them here
this gives a perspective on slightly higher time frame action.
USAGE: Generally above and below the black dashed zero line is long or short
KEYS: -Plot position relative to zero black, red overbought, green oversold and the gray lines at .25 -.25
Indicator action often more significant out side of the more "neutral" +.25/-.25 area
and near or above/below the rede/green dashed lines.
-Steepness of slopes
Slopes of smi plots relate directly to price action.
- -SMI blue relation to its smiple moving average orange and the longer moving average purple.
MAJOR FEATURE - The average acts as support or resistance to the SMI and the price unless breaking out
is finding primary/secondary support or resistance as well.
YOU CAN SEE WHERE SUPPORT OR RESISTANCE MAY BE ENCOUNTERED.(mcuh unlike most indicators)
My satandard caveat use at your own risk. Like anyone else I do not know what the next bar/candle is going to do
and I place all of my trades with a management plan in place for the worst case scenario.
That said enjoy your charting and trading.
This was coded starting with the built-in indicator "SMI Ergontic Oscilator / Indicator". You do this by within the Pine Editor select "New" tab and
choose the indicator that you want the code for. This populates the editor with the code for the built in indicator and you can modify it to suit your
purposes and save it / publish it and etc. Thanks for following this and Keep Smiling!
 
Comment: Intended to publish this as an indicator and will do now. I see that I named it incorrectly in the Title. Was checking to see why the code did not publish with it and discovered in that way Idea not script. Check for indicator by me with the title "SMI Stochastic Momentum Index . (and the rest). . . . ". Glad so many people liked it anyhow. Check scripts to get the indicator and the code so that anything you want to change you can make it yours. and as always Keep smiling!

Comments

DO you still use hmacd?
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Here is the title corrected indicator.
Reply
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