OPEN-SOURCE SCRIPT
:: Magic Osc
Updated
The "Magic Oscillators" indicator is based on 4 points:
1. RSI with MA filter
2. A logarithmic MA of the price
3. A “squeeze” of the price (points on the “0” line and the light blue background)
4. The up and down signals, which indicate the trend direction, based on the price vs EMA 50 relationship.
Extra - A "long term" filter with input signal - again MA.
All values are possible to adjust to needs/setup.
The indicator is only to help in quicker and more effective technical analysis and not as entry/exit trading signals.
The indicator can be used and the code modified depending on the interests of each trader.
Good trades...
1. RSI with MA filter
2. A logarithmic MA of the price
3. A “squeeze” of the price (points on the “0” line and the light blue background)
4. The up and down signals, which indicate the trend direction, based on the price vs EMA 50 relationship.
Extra - A "long term" filter with input signal - again MA.
All values are possible to adjust to needs/setup.
The indicator is only to help in quicker and more effective technical analysis and not as entry/exit trading signals.
The indicator can be used and the code modified depending on the interests of each trader.
Good trades...
Release Notes
UPDATE - Add the Logarithmic of OBV Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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.