This oscillator is derived from Absolute Strength Index, originally developed by Tudor Marcelin (Art Invest).
I made it an oscillator mainly to make it easy to identify the divergences and price-flows. There is not much documentation available online for Absolute Strength Index afaik, lets hope Mr.Tudor comes across this and provides us a detailed writeup :)
Quick testing showed lots of good signals (with minimal lag). Let me know what you guys find in your testing.
Indicator options support coloring bars based on the oscillator/signal values, and a histogram-only mode.
@LazyBear, how do I put it on my chart. I always have a hard time
AB-Trading
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Is it possible to trigger alerts based on "overbought" and "oversold" ? I have changed the parameters to -/+37,5 (comparable to RSI - 25/75). I would like to trigger to alerts on short term timeframes, especially on Stock Indices. Is it possible with the code as it is or shall the code be altered ?. Thx a lot for the awesome tips. AB
ChartArt
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I like it. It's one of these rare cases where a formula which looks complicated actually produces something of value. Most times the opposite is true in my experience :)
LazyBear
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Agree. I liked the initial testing results too.
Thriver
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Love the indicator! Is there a way to get an alert when there is a zeroline cross?