Anchored Momentum [LazyBear] — Indicator by LazyBear

lazybear custom indicators oscillator momentum

Anchored Momentum (AMOM), by Rudy Stefenel, is a modified momentum indicator to capture the relative momentum. AMOM uses SMA as the reference for deriving momentum, thereby anchoring it to that MA rather than "value of close n bars back".

Mr.Stefenel suggests using this like other oscillators -- crossing signal line, crossing zero, divergences.

For alerts, use "Momentum", "Signal" and "ZeroLine" plots.

Configurable options:
- Momentum Period: Default is 10.
- Signal Period: Default is 8.
- Smooth Momentum: Default is FALSE. If TRUE, enables EMA(close) to be used rather than "close".
- Smoothing Period: Default is 7. If momentum smoothing is enabled, this period is used.
- Show Histogram: Default is FALSE. This is not histogram per se (indicator - signal), but is used for highlighting the crosses. Check out the histogram pane below to see an example.
- Enable Barcolors: Default is FALSE. If enabled, colors the price data (bars/candles) using histogram color.

More info:
Anchored Momentum, Stocks & Commodities V16:2 (89-98)

Complete list of all my indicators:

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

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

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//
// @author LazyBear 
// List of all my indicators: 
// https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing
// 
study("Anchored Momentum [LazyBear]", shorttitle="AMOM_LB")
src=close
l=input(10, title="Momentum Period")
sl=input(8, title="Signal Period")
sm=input(false, title="Smooth Momentum")
smp=input(7, title="Smoothing Period")
sh=input(false, title="Show Histogram")
eb=input(false, title="Enable Barcolors")
p=2*l+1
amom=100*(((sm?ema(src,smp):src)/(sma(src,p)) - 1))
amoms=sma(amom, sl)
hline(0, title="ZeroLine")
hl=sh ? amoms<0 and amom<0 ? max(amoms, amom) : amoms>0 and amom>0 ? min(amoms, amom) : 0 : na
hlc=(amom>amoms)?(amom<0?orange:green):(amom<0?red:orange)
plot(sh?hl:na, style=histogram, color=hlc, linewidth=2)
plot(amom, color=red, linewidth=2, title="Momentum")
plot(amoms, color=green, linewidth=2, title="Signal")
barcolor(eb?hlc:na)