Oscar is an overbought or oversold oscillator. Oscar often coincides with a change in price direction. Set price bars to 1 day. This indicator’s definition is further expressed in the condensed code given in the calculation below.
How To Trade Using Oscar
Oscar may be used in conjunction with other indicators; no trading signals are calculated by this study.
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//input = price, user defined, default is closing price
//period = user defined, default is 8
//index = current bar number
lowest = lowest(index, period, LOW); highest = highest(index, period, HIGH); rough = ((price - lowest) / (highest - lowest)) * 100; prevOscar = oscar[index-1]; Plot: oscar = ((prevOscar / 3) * 2) + (rough / 3);