Indicator - Tick Line Momentum

["ROBERT ROESKE"]

Here is the text of the code for the tick line momentum 
oscillator used earlier today on the OEX chart.  Honestly don't remember 
the source of it.
BR
 
{data1 = index, data2= NYSE TICK, K is the exponential 
smoothing constant for days or bars.  
2 day K=0.667
3 day K=0.5
5 day K=0.333
7 day K=0.25
19 day K=0.1}
 
Inputs:  Price(C of 
data2),Len1(10),Len2(5),OB(2),OS(-2),K(0.333);
Vars:  
XMA(0),Rating(0),OnBalTick(1),TLM(0),TLMA(0),TLMO(0);
 
XMA=XAverage(Price,Len1); 
Rating= 
IFF(Price>XMA[1],1,(IFF(Price<XMA[1],-1,0)));
OnBalTick=Rating+Rating[1];
TLM=OnBalTick-OnBalTick[2];  {momentum for period 
Len2}
TLMA=Average(TLM,Len2);       
{simple average of momentum}
TLMO=K*(TLMA-TLMA[1])+TLMA[1];  (exponential average of 
momentum}
 
Plot1(TLMO,"TLMO");
Plot2((0,"0");
Plot3(OB,"OB");
Plot4(OS,"OS");

Attachment Converted: "c:\eudora\attach\Tlmosc.ela"