UCS_Momentum Oscillator - Version 2

This is Version - 2 of the Momentum Oscillator, Like i said on the prior version, This version has an Indicator for Trends.

Marks only Overbought and Oversold Based on the TREND.

The Trend dots are calculated exactly like the Slingshot system trend.

UCS_Momentum Oscillator
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// Created by UCSgears 
// Version 2

study(title="UCS_Momentum Oscillator", shorttitle="UCS_Osc")

// Stochastic Based Relative Oversold and Overbought

// Short Stochastic Input
length1 = input(8, minval=1, title = "Short %K")
sma1 = input(3, minval=1, title="Smooth %K1")

// Base Stochastic Input
length3 = input(100, minval=1, title = "Base %K")
sma3 = input(10, minval=1, title="Smooth %K3")

// Stochastic Code

k1 = (sma(stoch(close, high, low, length1), sma1)-50)
k3 = (sma(stoch(close, high, low, length3), sma3)-50)

//Histogram 1 Calc and Plot

hist1 = (k1-k3)
plot_color1 = hist1 > hist1[1] and hist1 > 0 ? green : hist1 < hist1[1] and hist1 > 0 ? blue : hist1 < hist1[1] and hist1 <= 0 ? red : hist1 > hist1[1] and hist1 <= 0 ? orange : white
plot(hist1, color=plot_color1, style=histogram, linewidth=4, title="Diff")

//Horizontal Lines

h1=hline(80, "Extreme Up", red, solid, 3)
h2=hline(-80, "Extreme Down", green, solid, 3)
h3=hline(55, "OverBought", red, dashed, 1)
h4=hline(-55, "OverSold", green, dashed, 1)
fill(h2,h4, green, 80, "OverSold Zone")
fill(h1,h3, red, 80, "OverBought Zone")

//Code for Trend Based Zero Line
ma1 = ema(close, 13)
ma2 = ema(close, 21)
ma3 = ema(close, 34)

ma = ema(close, 89)
range =  tr 
rangema = ema(range, 89)
upper = ma + rangema * 0.5
lower = ma - rangema * 0.5
tr_up = ma1 > upper and ma2 > upper and ma3 > upper
tr_down = ma1 < lower and ma2 < lower and ma3 < lower
scolor = tr_up ? green : tr_down ? red : blue
plot(0, color=scolor, style=circles, linewidth=3)
Nice one!
Thanks Again!
What is the future here? I am waiting for the strategies to go live, then I can get this out.

Hi , may I know your thought flow on the choice for the short & base stochastic input (i.e. 8/3, 100/10)?
I combine this MO with CM_UCS_Modified SlingShot and it works great in identifying real trend when
MO reach the red / green zone and find that up / down trend usually follows subsequently.
Appreciate your response.
ucsgears PRO kennylim02134
Its a personal preference and this is the first version i used mid 2013. There has been substantial improvement on this one. You can use anything you want. Since I have used this for more than a year. I picked 8-40 and 100-500. With 8 and 100 = Its kinda giving me 3-10 picks a day from liquid optioinable stock and etf, These are for quick returns. Depending on how the pullback forms, I have a personal guide to prioritize the picks, Each priority will be played with different option strategies. Once the trade is executed, I follow on a daily basis to manage them. Its more like a habit for me now. If you like this and want to master it, SPEND time and learn the setups and scenarios.
Thanks for your input. Are there any reference you can share from the web on guidance to set the stochastic input?
ucsgears PRO kennylim02134
It will be released when the Strategies capability is available. The strategies are now dynamic.
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