LBR Oscillator
Oscillator used by Linda Bradford Raschke.
Basicly it's a MACD with 3/10/16 settings but without the histogram (difference between fast and slow line), instead the shown histogram is based on the fastline (green bars = fastline above zero). The color of the lines will tell you if the line is falling (red) or rising (green).
In terms of setups dont just buy or sell if a line is changing its color. Look for divergences or setups like first cross or anti.
Basicly it's a MACD with 3/10/16 settings but without the histogram (difference between fast and slow line), instead the shown histogram is based on the fastline (green bars = fastline above zero). The color of the lines will tell you if the line is falling (red) or rising (green).
In terms of setups dont just buy or sell if a line is changing its color. Look for divergences or setups like first cross or anti.
study("LBR Oscillator", shorttitle="LBR_OSC")
fast = input(title="Fast Length", type=integer, defval=3)
slow = input(title="Slow Length", type=integer, defval=10)
smoothing = input(title="Signal Smoothing", type=integer, defval=16)
[fastline, slowline, histline] = macd(close,fast,slow,smoothing)
plot(0, color=gray)
plot(fastline, color=fastline > 0 ? green : red, style=histogram)
plot(fastline, color=fastline > fastline[1] ? green :red)
plot(slowline, color=slowline > slowline[1] ? green : red)