This indicator is made of averaging a value made of pivot points of the current timeframe.
It was intended for scalping purpose of the S&P500 within tick charts (see screenshot of 100 ticks one). This one give fairly good signals. The fact that the pivot variable is made of candles made of ticks give a good advantage of using price action versus typical candlesticks.
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// Pivot Oscillator - ProRealCode - prorealtime programming // mmperiod = 14 pivot = (HIGH+LOW+CLOSE+OPEN)/4 mm = EXPONENTIALAVERAGE[mmperiod](pivot) RETURN mm as "pivot oscillator", pivot |
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// PIVOT OSCILLO onchart PRC DID Pivot Oscillator – ProRealCode – prorealtime programming
pivot = (HIGH+LOW+CLOSE+OPEN)/4
mm = AVERAGE[mmperiod,MAtype](pivot)
RETURN mm as “pivot oscillator”, customclose as ” customclose ”
// Variables :
// mmperiod = 14 perso = 20
// MATYPE = expo perso = triangulaire
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