Indicator: Derivative Oscillator

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Constance Brown's Derivative Oscillator was published in her book "Technical Analysis for the Trading Professional".

The oscillator uses a 14-period RSI . The RSI is then double smoothed with exponential moving averages. The default settings for the smoothing periods are 5 and 3.

In a second step a signal line is generated from the smoothed RSI by calculating a simple moving average with a period of 9.

The Derivative Oscillator is calculated as the difference between the smoothed RSI and the signal line and displayed as histogram.

All the values are configurable.
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// @author LazyBear
// @credits Constance Brown
study(title = "Derivative Oscillator [LazyBear]", shorttitle="DO_LB")
length=input(14, title="RSI Length")
p=input(9,title="SMA length")
ema1=input(5,title="EMA1 length")
ema2=input(3,title="EMA2 length")

s1=ema(ema(rsi(close, length), ema1),ema2)
s2=s1 - sma(s1,p)
c_color=s2 < 0 ? (s2 < s2[1] ? red : lime) : (s2 >= 0 ? (s2 > s2[1] ? lime : red) : na)
plot(s2 , style=histogram, color=c_color)
Great indicator! and great support when trading with the range rules of Contstance Brown method. I think you do the same?
+1 Reply
Please pardon the newbie question, but is there a way to import the derivative oscillator into Thinkorswim's Thinkscript?
+12 Reply
Thanks for coding a broad range of indicators. Is this Indicator, what she refers as Composite index indicator?
LazyBear HamedAghajani
No. Composite index is available here -
+1 Reply
Thanks for your prompt reply. I am trying to read her paper on how to trade with this indicator.
Do you know how to convert derivative oscillator to pinescript?
+5 Reply
QuantitativeExhaustion christopherbrecher
just click "make it mine" and after you have it uploaded check out pine script
+2 Reply
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