CMO (Chande Momentum Oscillator)

Chande's momentum oscillator compares the sum of gains to the sum of losses, yielding a symmetric measure of directional force.

Property	Value
Category	Momentum
Inputs	Source (close)
Parameters	`period` (default 14)
Outputs	Single series (Cmo)
Output range	`-100` to `+100`
Warmup	`period + 1` bars
PineScript	cmo.pine

The Chande Momentum Oscillator (CMO) is a momentum indicator developed by Tushar Chande.
Similar: RSI, Stoch | Complementary: Moving average crossover | Trading note: Chande Momentum Oscillator; like RSI but uses up−down/up+down formula. Range ±100.
Validated against TA-Lib, Skender, and Tulip reference implementations where available.

The Chande Momentum Oscillator (CMO) is a momentum indicator developed by Tushar Chande. Unlike RSI which uses smoothed averages of gains and losses, CMO uses raw sums of up and down movements, making it more responsive to price changes. The indicator oscillates between -100 and +100.

Formula

CMO = 100 \times \frac{SumUp - SumDown}{SumUp + SumDown}

Where:

SumUp = Sum of positive price changes over the period
SumDown = Sum of absolute negative price changes over the period

Key Characteristics

Property	Value
Output Range	-100 to +100
Zero Line	Neutral momentum
Overbought	Above +50
Oversold	Below -50
Default Period	14

Comparison with RSI

Feature	CMO	RSI
Range	[-100, +100]	[0, 100]
Smoothing	None (raw sums)	RMA (exponential)
Sensitivity	Higher	Lower
Zero crossing	Valid signal	N/A (50 is neutral)

Usage

// Create CMO indicator
var cmo = new Cmo(period: 14);

// Single value update
var result = cmo.Update(new TValue(time, price));

// Batch calculation
var results = Cmo.Batch(priceData, period: 14);

// Subscribe to source
var cmo = new Cmo(sourceIndicator, period: 14);

Interpretation

Overbought/Oversold
- CMO > +50: Overbought conditions
- CMO < -50: Oversold conditions
- Extreme readings (±70) suggest stronger signals
Zero Line Crossings
- Crossing above zero: Bullish momentum
- Crossing below zero: Bearish momentum
Divergences
- Price makes new high, CMO doesn't: Bearish divergence
- Price makes new low, CMO doesn't: Bullish divergence
Signal Line
- Some traders use a 9-period EMA of CMO as a signal line

Implementation Details

O(1) streaming updates using circular buffers
SIMD-optimized batch calculations
Zero heap allocations in hot paths
Handles NaN and edge cases gracefully

Sources

Chande, Tushar S. "The New Technical Trader" (1994)
Chande, Tushar S. & Kroll, Stanley. "Beyond Technical Analysis" (1997)
StockCharts - CMO

Performance Profile

Operation Count (Streaming Mode)

CMO(N) maintains two ring buffers — _upBuffer (gains) and _downBuffer (losses) — and derives its value from the running sums already tracked by each buffer. The per-bar cost is dominated by the ring buffer updates and the single division.

Operation	Count	Cost (cycles)	Subtotal
Price delta (SUB)	1	1	~1
Up/down classification (branch)	1	1	~1
Ring buffer push × 2 (up + down)	2	3	~6
Running sum update × 2 (add evicted, add new)	4	1	~4
Sum subtraction (SumUp − SumDown)	1	1	~1
Sum addition (SumUp + SumDown)	1	1	~1
Scale (× 100) + division	2	8	~16
Total	12	—	~30 cycles

O(1) per bar. At N = 14 (default), WarmupPeriod = 15 bars (one extra for the initial delta). Typical measured cost: 28–32 cycles on a Zen 4 core with turbo.

Batch Mode (SIMD Analysis)

Operation	Vectorizable?	Notes
Price delta series	Yes	`VSUBPD` across entire input span
Up/down split	Partial	`VCMPPD` + masked store; branching logic resists wide SIMD
Prefix-sum of up/down windows	Yes	scan-then-window via AVX2 prefix scan
Sliding window sum (subtract old, add new)	Yes	vectorizable once prefix sums are built
Final CMO formula (per bar)	Yes	`VSUBPD`, `VADDPD`, `VDIVPD`

The classification branch (up vs. down) is the primary SIMD barrier. A branchless formulation using Vector.ConditionalSelect replaces the branch with a mask, enabling full vectorization. For N = 14, AVX2 processes 8 bars simultaneously after the prefix-sum setup.

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