TMO of Relative Strength
While a normal TMO measures momentum of a stock, this indicator measures the subtle momentum shifts that happen in the relative strength ratio of the stock, which can sometimes happen before the momentum of the stock itself shifts. This provides the potential for an early warning that a move may be about to begin, even before the stock price starts heading in one direction.
Many traders watch relative strength ratio charts to see when a stock begins to outperform the index. This indicator doesn't measure the relative or comparative strength ratio itself, but instead measures the change in momentum of relative strength.
Signals and alerts are provided for when the Ratio's TMO line crosses above/below the Stock's TMO line, or the Market Index's TMO line, and also for when the Stock's TMO line crosses above/below the Market's TMO line even if the ratio isn't crossing currently. Also alerts when the Ratio or Stock TMO lines cross their prior values.
I created a version of this for Thinkorswim originally and it has been valuable to me and my clients, so I hope it provides value here as well.
-Josiah
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact easycators directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact easycators directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.