The indicator Dynamic Momentum Oscillator is the family of momentum. It has been developed by Marshall E. Wall. It indicates as the RSI overbought and oversold area. In the words of Marshall E. Wall, it is possible to use several indicators as a basis for calcul. In our case we have integrated the formula for RSI.
This indicator is also known as the DMO or Dynamo oscillator.
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// parameters // RSIp = 14 // DynP = 21 myRSI = RSI[RSIp](close) DynamoRSI = 50 - (average[DynP](myRSI)-myRSI) RETURN DynamoRSI as "Dynamic Momentum RSI", 50 as "mid level", 30 as "low level", 70 as "high level" |
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