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The TFS volume oscillator is the second component of Bryan Strain's Trending Following System. This indicator is used, together with the TFS Tether line and the TFS MBO, to generate buy signals.
TFS VO uses the open, close and volume time-series, as well as a time frame. Generally, a period of 7 days is chosen. TFS VO calculation formula consists in adding or subtracting the daily volume accordingly to sign of the difference between the open and close. The sum thus obtained is averaged over the corresponding N-day period.
The function I have written, named 'tfs_volume_oscillator', takes the period length as argument.
