Interpretation • M-Oscillator is a bounded oscillator that moves between (-14) and (+14), • Movement above 10 is considered overbought, and movement below -10 is oversold.
Overbought/Oversold rule: • Buy when the M-Oscillator violates the (-10) level to the downside and crosses back to the upside. • Sell when the M-Oscillator crosses above the (+10) level and crosses back to the downside.
Crossover on Extreme Levels • Sell signals are triggered when the M-Oscillator crosses its signal line above (13), which indicates an extreme market condition • Buy signals are triggered when the M-Oscillator crosses its signal line below (- 13)
Thanks for the great tool! But please tell me if you can set up an alert to change the color of the histogram. Not an intersection, but a histogram. Thanks in advance!
TrendoBoom
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that's awosome,
aes0n
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this is a great indicator, thanks for sharing! works well with how i trade plus my other indicators!
Daleth9
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Thank you very much for sharing, great tool!
manteshe
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Hey, what is the best time to use this script.
pantheo
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Hey, It already exits in the public library, thnks. P
pantheo
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Hey thnks! looks interesting as it avoids some hustle of the well known momentum indicator. I read the paper you recommend and I notice that right below this oscillator there is one that might be interesting too and really helpful. I'm referring to Wave Period Oscillator. In case you ever the free time to code it I am interested to check and test this one too. Thnks again. All the best to you and your people:-) P.
Mango2Juice
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@pantheo, Thanks. Wave Period Oscillator are already coded in public library