CMO [Volensy] is a clean Chande Momentum Oscillator (CMO) pane indicator that highlights momentum extremes and marks “recovery” triggers as potential buy/sell opportunities. It also separates the first signal after a direction change from additional signals in the same direction.
How it works
CMO is calculated with ta.cmo(close, Length) and plotted in a separate pane (overlay=false).
Two extreme thresholds define momentum extremes: Overbought (default 90) and Oversold (default -90).
The CMO line changes color when it is above/below these extremes, and the background lightly shades during extreme conditions.
