MetaStock -> Tools -> Indicator Builder -> New
Copy and paste formula below.


======================
Momentum, LRS-smoothed
======================
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{ LRS-smoothed normalized Momentum v2 }
{ ©Copyright 2003 Jose Silva }
{ http://www.metastocktools.com }

pds:=Input("Momentum periods",2,2520,10);
smooth:=Input("LRS smoothing periods",
 1,252,10);
plot:=Input("Momentum=1,  Smoothed=2,  Double smoothed=3",1,3,2);
x:=Input("use Open=1 High=2 Low=3 Close=4 Volume=5 P=6",1,6,4);

x:=If(x=1,O,If(x=2,H,If(x=3,L,If(x=5,V,If(x=6,P,C)))));
y:=Ref(x,-pds);
ratio:=Min(x,y)/Max(x,y);
Mom:=If(x>y,2-ratio,ratio)*100-100;
MoSm:=LinRegSlope(Mom,smooth)*10;
MoSm:=If(smooth<2,Mom,MoSm);
MoSm2:=LinRegSlope(MoSm,smooth)*4;
MoSm2:=If(smooth<2,Mom,MoSm2);

If(plot=1,Cum(Mom)/(Cum(Mom>-100)+.000001),
 If(plot=2,Cum(MoSm)/(Cum(MoSm>-100)+.000001),
 Cum(MoSm2)/(Cum(MoSm2>-100)+.000001)));

If(plot=1,Mom,If(plot=2,MoSm,MoSm2))

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