The Composite Momentum Oscillator was ported from here. We have no information on this one other than what's provided in the link. It tracks the rapid up and down cycles of a security, making it a good day/swing trading tool for traders who need a better view of market momentum. Additionally, it does relatively well in predicting implied tops and bottoms making it easier to exit the trade on time. Here are its key features:
- There are two levels to supply and demand. We have coded the indicator to change color only if the upper and lower limits are crossed. Crossing the extreme limits is a decent indication of a top/bottom.
- We have changed the terminology a bit. We determined that it is better to use terms such as "Fast Period", "Slow Period" to help gauge how this indicator would react to changing parameter values.
Composite Momentum Features:
- Curve will color based on which zone values are housed at. This can be customized by the user.
- Custom data input. Choose between Close, HL2, HLC3 etc...
- Custom shade color and opacity.
- Custom lookback period, thus affecting calculations output.
Review the screenshots for setup options. Additionally, the user can review a video demonstration of this indicator on other trading platforms.
Click here for a list of all of Thinkorswim's downloads.
