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Composite Overbought Oversold System

Composite Overbought Oversold System
Composite Overbought Oversold System

//www.aflcode.com
P = ParamField("Price field",-1);
//((CMO(C,5))+(CMO(C,10))+(CMO(C,20)))/3)
UpDay = Sum((P-Ref(P,-1))*(P>Ref(P,-1)),5);
DownDay = Sum((Ref(P,-1)-P)*(P<Ref(P,-1)),5);
ChMomOcs = 100 * ((UpDay-DownDay)/(UpDay+DownDay));

UpDay1 = Sum((P-Ref(P,-1))*(P>Ref(P,-1)),10);
DownDay1 = Sum((Ref(P,-1)-P)*(P<Ref(P,-1)),10);
ChMomOcs1 = 100 * ((UpDay-DownDay)/(UpDay+DownDay));

UpDay2 = Sum((P-Ref(P,-1))*(P>Ref(P,-1)),20);
DownDay2 = Sum((Ref(P,-1)-P)*(P<Ref(P,-1)),20);
ChMomOcs2 = 100 * ((UpDay-DownDay)/(UpDay+DownDay));

CMOCA = (ChMomOcs+ChMomOcs1+ChMomOcs2)/3;




Plot(CMOCA,"CMO Composite Average", ParamColor( "Color", colorCycle ), ParamStyle("Style") );
Plot(EMA( CMOCA,9),"", colorLightBlue);
PlotGrid(50, colorLightGrey);
PlotGrid(0, colorLightGrey);
PlotGrid(-50, colorLightGrey);

"Overbought/oversold Conditions:"; 
"As a general rule an overbought level is at +50 and the oversold level at -50. At +50, up-day momentum is three times the down-day momentum; At -50, down-day momentum is three times the up-Day momentum.";
""; 
"Trendiness:"; 
"Higher CMO values correspond to betting trendiness while lower values of CMO indicate a possible trading range.";
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