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The Vortex Oscillator is a technical analysis indicator inspired from J. Welles Wilders directional movement indicator. The oscillator can be used to determine if a security is trending, it can be incorporated into a trend following system or can be used directly to generate buy and sell signals.
The Vortex Oscillator function is called "vortexOsc", it allows you to specify the number of period to use to sum the ATR (Average true range), the difference between the high and previous low and the difference between the low and previous high values. Besides those differences and the average true range, the vortex oscillator uses also the triple and the double exponential moving averages.
The next formula plots the vortex oscillator and uses a different color for each bar depending on the value of the indicator and how it compares to its previous value.
vort = vortexOsc(21);
color=iff(vort>0,iff(vort>Ref(vort, 1), 1, 2),iff(vort>Ref(vort, 1), 3, 4));
Plot(vort, "Vortex Oscillator", colorRed,ChartBar, StyleSymbolNone);
UpdateColor(color == 1, colorGreen);
UpdateColor(color == 2, colorYellow);
UpdateColor(color == 3, colorBlue);
UpdateColor(color == 4, colorRed);
The indicator's bar color is Green if the vortex oscillator is positive and higher than its previous value; Yellow if it is positive and lower than the previous value; Blue if it is negative and higher than the previous value and finally Red if it is negative and lower than the previous value.
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