Chande Momentum Oscillator
The Chande Momentum Oscillator, built using Amibroker AFL and Amibroker data, is a valuable tool for gauging price momentum. Traders can customize the indicator’s parameters to suit their specific trading needs and use it to identify potential overbought and oversold conditions in the market.
_SECTION_BEGIN("Chande Momentum Oscillator");
//
// The CMO is closely related to, yet unique from, other momentum oriented
// indicators such as Relative Strength Index, Stochastic, Rate-of-Change,
// etc. It is most closely related to Welles Wilder’s RSI, yet it
// differs in several ways. For a nice description of the indicator and
// interpretation visit
//
// http://www.paritech.com/education/technical/indicators/momentum/chande.asp
//
//------------------------------------------------------------------------------
cmopds=20;
CMO_1=Sum( IIf( C > Ref( C, -1 ) , ( C - Ref( C ,-1 ) ) ,0 ) ,cmopds ) ;
CMO_2=Sum( IIf( C < Ref( C ,-1 ) , ( Ref( C ,-1 ) - C ) ,0 ) ,cmopds );
CMO=100 * (( CMO_1 -CMO_2) /( CMO_1+CMO_2));
Plot(Cmo,"CMO",IIf(cmo>Ref(cmo,-1),5,4),2|styleThick);
Plot(MA(Cmo,9),"Trigger",colorYellow);
Plot(50,"",15);
Plot(-50,"",15);
Title="CMO"+WriteVal(Cmo)+" Trigger"+WriteVal(MA(Cmo,9));
_SECTION_END();