JKSW Strength momentum index v2
Based on increasing and decreasing strength, this indicator will give a good indication of when a short or long opportunity is available.
study(title="JKSW Strength momentum index v2", shorttitle="JKSW SMI v2") // Plot the RSI src = input(ohlc4, "Source") shortlen = input(10, "Short term bars", integer) midlen = input(35, "Mid term bars", integer) longlen = input(110, "Long term bars", integer) shortup = rma(max(change(src), 0), shortlen) shortdown = rma(-min(change(src), 0), shortlen) midup = rma(max(change(src), 0), midlen) middown = rma(-min(change(src), 0), midlen) longup = rma(max(change(src), 0), longlen) longdown = rma(-min(change(src), 0), longlen) short = shortdown == 0 ? 100 : shortup == 0 ? 0 : 100 - (100 / (1 + shortup / shortdown)) mid = middown == 0 ? 100 : midup == 0 ? 0 : 100 - (100 / (1 + midup / middown)) long = longdown == 0 ? 100 : longup == 0 ? 0 : 100 - (100 / (1 + longup / longdown)) // Overbought line hline(80, "Overbought", black, dotted, 2) // Oversold line hline(20, "Oversold", black, dotted, 2) // Mid line hline(50, "Mid line", black, dotted) // Plot on the chart where the points cross color = short > mid ? short > long ? green : yellow : short < long ? red : yellow plot(short, color=color, title="SMI") barcolor(color)