Here is a simple and modified version of Stochastic Momentum oscillator in color coded histogram format. If you understand Stochastic Momentum Oscillator values ranges between +100 to -100. And Generally takes median of High and Low as input. Whereas in the modified version we changed the inputs to median of High, Low and Close. And also the modified version of Stochastic Momentum oscillator has two lookback periods instead of two.
Stochastic Momentum Oscillator is plotted in histogram format and color coded as follows
Green – Increasing Positive Momentum
Blue – Decreasing Positive Momentum (could lead to either potential reversal or sideways action if the trend is really strong)
Red – Increasing Negative Momentum
Yellow– Decreasing Negative Momentum (could lead to either potential reversal or sideways action if the trend is really strong)
Modified Stochastic Momentum Oscillator – Amibroker AFL Code
https://gist.github.com/3f5316300498f68e1d58
