This custom oscillator is designed to provide dynamic support and resistance levels based on price action, the highest and lowest prices, and an exponential moving average (EMA). It calculates four different lines:
1. Price to Midline: This line shows the ratio of the current price to the midline (average of high and low prices).
2. High to Midline: This line represents the ratio of the highest price to the midline.
3. Low to Midline: This line represents the ratio of the lowest price to the midline.
4. EMA to Midline: This line tracks the ratio of the EMA (Exponential Moving Average) to the midline, providing a dynamic view of price action.
These four lines help identify key levels of overbought or oversold conditions, potential trend reversals, and dynamic support/resistance zones. The oscillator can be used to assess market strength and trend direction.
The period for calculating the high/low, as well as the EMA period, can be customized in the settings to adjust the sensitivity to market conditions.
1. Price to Midline: This line shows the ratio of the current price to the midline (average of high and low prices).
2. High to Midline: This line represents the ratio of the highest price to the midline.
3. Low to Midline: This line represents the ratio of the lowest price to the midline.
4. EMA to Midline: This line tracks the ratio of the EMA (Exponential Moving Average) to the midline, providing a dynamic view of price action.
These four lines help identify key levels of overbought or oversold conditions, potential trend reversals, and dynamic support/resistance zones. The oscillator can be used to assess market strength and trend direction.
The period for calculating the high/low, as well as the EMA period, can be customized in the settings to adjust the sensitivity to market conditions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.