An oscillator is a technical analysis tool that, simply said, gauge momentum, determine market trend direction and duration. For some oscillators, fluctuations are bounded by some upper and lower band, and traders use them to discover short-term overbought or oversold conditions.
Oscillators are often combined with moving average indicators to signal trend breakouts or reversals
Histogram, is the difference between the oscillator and signal lines, which oscillates above and below a center line and is used as a good indication of an asset's momentum
What to look for - Signal Line Crossover is the most common signal produced by the oscillators - Zero Line Crossovers have a very similar premise to Signal Line Crossovers - Divergence, when the oscillator and actual price are not in agreement, is another signal created by the oscillators - Overbought and Oversold, with any range-bound oscillator, conditions are a primary signal generated
Oscillators Overlay study * Presents oscillators on top of the mian chart (price chart) * A single indicator for many well known and custom oscillators * Divergence detection * Alerts for various condtions
The list of oscillators included; - Awesome Oscillator (AO) - Chaikin Oscillator (Chaikin Osc) - Commodity Channel Index (CCI) - Distance Oscillator - Elder-Ray Bear and Bull Power - Elliott Wave Oscillator (EWO) - Klinger Oscillator - Money Flow Index (MFI) - Moving Average Convergence Divergence (MACD) - Rate Of Change (ROC) - Relative Strength Index (RSI) - Stochastic (Stoch) - Stochastic RSI (Stoch RSI) - Volume Oscillator (Volume Osc) - Wave Trend [LazyBear]
In technical analysis, investors find oscillators to be important technical tools and consider them more effective when used in conjunction with other means of technical analysis
Disclaimer: Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
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Amazing and Splendid Work as always. If there is an improvement, do you think integrating different oscillators into 1 and only give bull/bear signal when there is a specific amount of oscillator that crossover is possible?
dgtrd
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thank you very much @Ajjjj, and thanks for the suggestion - noted to be tested
a important reminder shapes appear only for divergence cases, for any other signal that oscllators generate are available when alert is configured and please note the alerts generated will not be confirmed signals but to be assumed as early warning for possible trading oportunity
casehakam
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Good Job Mate. Why don’t you make an Elliott wave theory Pay Indicator? I would pay to support your effort for the community.
dgtrd
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😊 thank you very much @casehakam, building the background :-)
casehakam
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@dgtrd, excellent job mate. let us know when this master peace is done.