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..
This is an updated script to handle multiple timeframes. Just copy and paste (then save) into a blank script overwriting the two lines that automatically are formed in a new script :
// 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.
//The momentum indicator uses a 8 sma weekly weekly/monthly charts. daily and intraday charts
// use a look back of 12 periods.
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 for daily or intraday charts")
lenl= input(8, title= " # bars look back for weekly and monthly charts")
lenmom = input (13, title="smoothing period for sma")
lene= isintraday or period=="D" or period=="390"? len:lenl
// 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.
//The momentum indicator uses a 8 sma weekly weekly/monthly charts. daily and intraday charts
// use a look back of 12 periods.
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 for daily or intraday charts")
lenl= input(8, title= " # bars look back for weekly and monthly charts")
lenmom = input (13, title="smoothing period for sma")
lene= isintraday or period=="D" or period=="390"? len:lenl
src = input(title="Source", type=source, defval=close)
s = security("sym", period, src)
s3= close/s*100
momentum= mom(s3,lene)
smamom= sma(momentum, lenmom)
plot (momentum, color=blue, title=" momentum" )
plot (smamom, color=fuchsia, title=" moving avg of mom")
hline(0, linestyle=solid,color=red,title=" zero line")