Composite Momentum Index [LazyBear]

Bitcoin / U.S. dollarBitstamp

Description

⋅ May 11, 2015 8:34 PM

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:
investopedia.com/terms/d/dynamicmomentumindex.asp

List of my public indicators: bit.ly/1LQaPK8
List of my app-store indicators: blog.tradingview.com/?p=970

Comments

carlos001

⋅ Sep 20, 2016 6:01 AM

Hello
How can I have this Indicator "Composite Momentum Index"? I would like to using in my trades. How much is the cost.

Waiting for your response

Carlos

grahvity

⋅ May 12, 2015 8:49 AM

You're the BEST, LazyBear. Thanks again!

LazyBear

⋅ May 12, 2015 12:42 PM

Thanks @grahvity

LazyBear

⋅ May 12, 2015 12:46 PM

Fishnet -- simple EMAs that catch "all possible" (!?) price movements

Just another old script I found yesterday in my archive -- not planning to publish this separately. If you want to try it out, source below.

200EMAs - pastebin.com/AcqLvfVn
150EMAs - pastebin.com/QQWkSZyV

accidentje

⋅ May 12, 2015 6:51 AM

Thanks LB!

LazyBear

⋅ May 12, 2015 12:42 PM

YW :)

ChartArt

⋅ May 13, 2015 12:22 PM

Thank you LazyBear for sharing this 'Composite Momentum Index' by Tushar Chande. I noticed a small similarity to William Blau's 'Stochastic Momentum Index', so I created a comparison. Both indicators in my test use the default signal period 5 and a smoothing period of 3:

(I removed your cool color feature for a clearer comparison)

Conclusion: There does not seem to be a clear winner in this comparison, so my recommendation would be to use both indicators to watch the momentum. Here is the 'Stochastic Momentum Index' coded by UCS Gears: tradingview.com/script/xd8t6hai-Stochastic-Momentum-Index-UCSgears/

P.S. Both technical analysts are engineers. Tushar Chande holds a Ph.D. in metallurgical engineering from the University of Illinois. And William Blau holds a bachelor's degree in electrical engineering from NYU and a master's in systems engineering and operations research from the University of Pennsylvania.

LazyBear

⋅ May 13, 2015 4:24 PM

Thanks for the comparison. SMI has TSI in its core (& 5 is the "ergodic" according to Blau), while CMO derives from MOM indirectly too. So, no wonder they all look alike at the end of the day :)

BTW, this is the SMIIO vs the inbuilt SMI vs CMI.
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ChartArt

⋅ May 13, 2015 7:38 PM

Now I get confused. What is the difference between:

Blau's SMII / SMIIO (SMI Ergodic Indicator/Oscillator)
Blau's SMI (Stochastic Momentum Index)

When I set the build-in SMIIO to the same periods as the SMI from UCS then I don't get the same result, The SMI seems to be smoother than the SMIIO.