[RS]Leading Momentum Oscilator V0 — Indicator by RicardoSantos

experimental momentum oscillator divergence

EXPERIMENTAL: Momentum oscilator based on offset, can also be used for divergence/convergence

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?

study("[RS]Leading Momentum Oscilator V0")
ma_length = input(title='ma length', type=integer, defval=5)
signal_length = input(title='signal length', type=integer, defval=21)
offset = input(title='offset', type=integer, defval=8)

leading_cd(_src, ma_l, signal_l, offset_l)=>
    _ma = sma(_src, ma_l)
    _signal = sma(_src, signal_l)
    _hist = _ma-offset(_signal, offset_l)
    _hist

o = leading_cd(open, ma_length, signal_length, offset)
h = leading_cd(high, ma_length, signal_length, offset)
l = leading_cd(low, ma_length, signal_length, offset)
c = leading_cd(close, ma_length, signal_length, offset)

plotcandle(o, h, l, c, color=c>o?green:c<o?maroon:gray)
hline(0)