Momentum of Relative Strength to index as used by Leaf_West. This is to be used with the companion Relative Strength to Index indicator Leaf_West Style. Make sure you use the same index for comparison. If you follow his methods be aware of the different moving averages for the different time periods. From Leaf_West: "on my weekly and monthly R/S charts, I include a 13 EMA of the R/S (brown dash line) and an 8 SMA of the 13 EMA (pink solid line). The indicator on the bottom of the weekly/monthly charts is an 8 period momentum indicator of the R/S line. The red horizontal line is drawn at the zero line.
For daily or 130-minute time periods (or shorter), my R/S charts are slightly different - the moving averages of the R/S line include a 20EMA (brown dash line), a 50 EMA (blue dash line) and an 8 SMA of the20 EMA (pink solid line). The momentum indicator is also slightly different from the weekly/monthly charts – here I use a 12 period calculation (vs 8 SMA period for the weekly/monthly charts)." Leaf's methods do evolve and so watch for any changes to the preferred MAs etc..
For daily or 130-minute time periods (or shorter), my R/S charts are slightly different - the moving averages of the R/S line include a 20EMA (brown dash line), a 50 EMA (blue dash line) and an 8 SMA of the20 EMA (pink solid line). The momentum indicator is also slightly different from the weekly/monthly charts – here I use a 12 period calculation (vs 8 SMA period for the weekly/monthly charts)." Leaf's methods do evolve and so watch for any changes to the preferred MAs etc..
Jayy
// by Jayy
//Momentum of Relative Strength to an index as used by Leaf_West.
//This is to be used with the companion Relative Strength to Index indicator Leaf_West Style.
//If you follow his methods be aware of the different moving averages for the different time periods.
//From Leaf_West: "on my weekly and monthly R/S charts, I include a 13 EMA of the R/S (brown dash line)
//and an 8 SMA of the 13 EMA (pink solid line). The indicator on the bottom of the weekly/monthly charts
//is an 8 period momentum indicator of the R/S line. The red horizontal line is drawn at the zero line.
//For daily or 130-minute time periods (or shorter), my R/S charts are slightly different - the moving averages
//of the R/S line include a 20EMA (brown dash line), a 50 EMA (blue dash line) and an 8 SMA of the
//20 EMA (pink solid line). The momentum indicator is also slightly different from the weekly/monthly charts
//– here I use a 12 period calculation (vs 8 SMA period for the weekly/monthly charts)."
//Leaf's methods do evolve and so watch for any changes to the preferred MAs etc..
study(shorttitle = "momentum of rel Strength to Index Leaf_West style", title=" Relative strength to Index", overlay=false)
sym = input(title="relative to index or symbol", type=symbol, defval="spy")
len = input (12, title=" # bars look back")
lenmom = input (13, title="smoothing period for sma")
src = input(title="Source", type=source, defval=close)
s = security("sym", "1", src)
s3= close/s*100
momentum= mom(s3,len)
smamom= sma(momentum, lenmom)
plot (momentum, color=blue, title=" momentum" )
plot (smamom, color=red, title=" moving avg of mom")
hline(0, linestyle=solid,color=black,title=" zero line")