TMO - (T)rue (M)omentum (O)scillator) MTF Arrows Do you want to use TMO but you lack space on the chart? This study is just for you. This is the more user-friendly version of the TMO Oscillator. In terms of the indicator there are no changes except the indicator is converted in to the simple arrows.
There are Four Types of Arrows:
1. TMO Arrow Up - Visualizes the TMO bullish crosses. 2. TMO Arrow Down - Visualizes the TMO bearish crosses. 3. TMO Arrow Up (Oversolds Only) - Visualizes only the bullish crosses that are at or below the oversold zone. 4. TMO Arrow Down (Overboughts Only) - Visualizes only the bearish crosses that are at or above the overbought zone.
In case you only want the arrows for extremes, turn off the Arrow Up / Arrow Down first. Arrows for extremes only are turned off by default.
Looks great. Thanks a lot, brother. Does it repaint?
lnlcapital
⋅
@neelsahib, Thanks! It does not. But obviously it cannot predict either so if you are using 5min arrows on the 1 min timeframe, the arrow can teoretically change within the span of the 5 candles (5 min candle must close for a tmo arrow to be truely confirmed). Hope that helps.
JMTradingMaster
⋅
@lnlcapital, Your other TMO scalper indicator does actually repaint arrows shown in replay mode don't match arrows in live trading.