Oscar

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.

How To Access in MotiveWave

Go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.

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Calculation

//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);