This code snippet demonstrates how to create a momentum oscillator screener using exponential moving averages in ProBuilder. The screener identifies when the momentum oscillator crosses over zero, which can be a signal for potential trading opportunities.

Period = 14 //Number of Periods
ct = close //Today's close
S = 0
FOR i = 1 TO Period
    cp = close[i]
    r = (ct - cp) > 0 //R = Today's CLOSE - Previous Day's CLOSE, 1 = today > yesterday
    IF r = 0 THEN
        r = ((ct - cp) < 0) * -1 //R = Today's CLOSE - Previous Day's CLOSE, -1 = today < yesterday
    ENDIF
    s = s + r //Sum up all r's
NEXT
Ema5 = ExponentialAverage[5](s) //Histogram
Ema3 = ExponentialAverage[3](Ema5)//M-Oscillator
//Ema3b = ExponentialAverage[3](Ema3)//Signal Line
Result = Ema3 CROSSES OVER 0
SCREENER[Result](close AS "Price")

The code snippet above is structured to calculate a momentum oscillator based on the difference between today's close and the close of previous days, over a specified period. Here's a step-by-step breakdown:

• Initialization: The period for the calculation is set to 14 days, and variables for today's close (ct) and the sum (s) are initialized.
• Loop through the period: For each day in the period, the close price of the previous day (cp) is retrieved. The difference (r) is calculated and evaluated. If today's close is greater than the previous day's, r is 1; if less, r is -1.
• Summing up differences: The differences are summed up to create a single value (s) representing the momentum over the period.
• Calculating Exponential Moving Averages (EMAs): Two EMAs are calculated from the sum of differences: Ema5 is a 5-period EMA, and Ema3 is a 3-period EMA of Ema5, representing the main line of the momentum oscillator.
• Detecting Crossover: The screener checks if Ema3 crosses over zero, which is a potential signal indicating a change in momentum.
• Output: The screener outputs the close price when a crossover is detected.

This example illustrates how to implement a basic technical analysis tool in ProBuilder, useful for identifying momentum shifts in a dataset.