This indicator is nothing else than the classical Williams oscillator, set to 5 and 35, BUT with the addition of those signal bands above and below 0.
Here is a formula inspired from an AFL for Amibroker and converted into PRT language; those bands are supposed to indicate an acceleration up/down when prices break above the upper band or below the lower band, and a loss of volatility when it stays in between. Also, in term of Elliott Wave, it also helps to point when a W4 correction is over, when prices retrace over 80% of their previous peak (trough) aka close or even beyond zero.
Here is the code:
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defparam calculateonlastbars = 4000 // --------------- BobStrength = 5 oscfast = 35 oscslow = 100 // --------------- if barindex>oscslow then MP=(High+Low)/2 OscAG= average[oscfast](MP)-average[oscslow](MP) Lens=Oscfast+Oscslow Pr = 2.0/Lens //once uprline = OscAG //once lwrline = OscAG if OscAG>0 then UprLine = OscAG*pr+UprLine[1]*(1-pr) LwrLine = LwrLine[1] r=0 g=255 else UprLine = UprLine[1] LwrLine = OscAG*pr+LwrLine[1]*(1-pr) r=255 g=0 endif endif return OscAG as "AGet OSc" style(histogram) coloured(r,g,0), uprline+(BobStrength/100)*UprLine as "Upr", lwrline-(BobStrength/100)*LwrLine as "Lwr" |
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Improving performance
origin in line 17 –> if OscAG > 0 then
adding –> if (OscAG + volume) / volume > 0 then
Yes, that’s better