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Awesome Oscillator Indicator

by Brian Brown, 2508 days ago
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The Awesome Oscillator is an indicator that measures the momentum of the market. It consists of calculating the midpoint (high minus low divided by two) and creating two moving averages based on this series. The first moving average uses a 534-bar period and it is subtracted to the second one, which uses 5-bar period. These are the default periods. They can be changed easily in the indicator parameters.

Formula to plot the Awesome Oscillator Indicator:

a = AwOsc(5, 34);
plot(a, "", colorBlue, ChartBar);

The above instructions when applied to a chart display a histogram of the Awesome Oscillator.

You can plot increasing bars in green and decreasing bars in red by adding the following two lines:
UpdateColor(a > a[1], colorGreen);
UpdateColor(a < a[1], colorRed);


There several ways to use the awesome oscillator indicator in your strategy.

Interpretation Example:
The buy signal occurs when the indicator moves from negative to positive. In other words, the signal occurs when the indicator crosses the zero line from below.
The sell signal occurs when the awesome oscillator indicator crosses the zero line from above.

Technical analysis with the awesome indicator is suitable for markets that sustain long stable trends. For volatile and unstable markets, it is better to search for other indicators to study.


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Type: Trading Indicator

Object ID: 1228


Country:
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Style:
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Technical Analysis


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