LazyBear

Indicator: Rahul Mohindar Oscillator (RMO)

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This indicator is a gauge to market direction. It is displayed as a histogram. As a bullish “buy” sign, we will look for the point at which the histogram shows movement crossing the oscillator’s zero line going upwards. If it should go down and cross the line going down, that would be our “sell” sign, or a “short-sell” sign.

I personally use this only for confirmation.
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//
// @author LazyBear
// 
study(title = "Rahul Mohinder Oscillator [LazyBear]", shorttitle="RMO_LB")
C=close
cm2(x) => sma(x,2)
ma1=cm2(C)
ma2=cm2(ma1)
ma3=cm2(ma2)
ma4=cm2(ma3)
ma5=cm2(ma4)
ma6=cm2(ma5)
ma7=cm2(ma6)
ma8=cm2(ma7)
ma9=cm2(ma8)
ma10=cm2(ma9)
SwingTrd1 = 100 * (close - (ma1+ma2+ma3+ma4+ma5+ma6+ma7+ma8+ma9+ma10)/10)/(highest(C,10)-lowest(C,10))
SwingTrd2=ema(SwingTrd1,30)
SwingTrd3=ema(SwingTrd2,30)
RMO= ema(SwingTrd1,81)
Buy=cross(SwingTrd2,SwingTrd3)
Sell=cross(SwingTrd3,SwingTrd2)
Bull_Trend=ema(SwingTrd1,81)>0
Bear_Trend=ema(SwingTrd1,81)<0
Ribbon_kol=Bull_Trend ? green : (Bear_Trend ? red : blue)
Impulse_UP= SwingTrd2 > 0
Impulse_Down= RMO < 0
bar_kol=Impulse_UP ? green : (Impulse_Down ? red : (Bull_Trend ?  green : blue))
bgcolor(Ribbon_kol)
plot(RMO,color=bar_kol, style=histogram)
hline(0)
I spot divergences
+1 Reply
How can I use a graph like that on real time? Could you please tell me wich software could make use of your formula? Is it metastock?
Reply
How can I use a graph like that on real time? Could you please tell me wich software could make use of your formula? Is it metastock?
Reply
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