Amazing Oscillator (AO) [Algoalpha]

AlgoAlpha Updated   

Introducing the Amazing Oscillator indicator by Algoalpha, a versatile tool designed to help traders identify potential trend shifts and market turning points. This indicator combines the power of the Awesome Oscillator (AO) and the Relative Strength Index (RSI) to create a new indicator that provides valuable insights into market momentum and potential trade opportunities.

Key Features:

Customizable Parameters: The indicator allows you to customize the period of the RSI calculations to fine-tune the indicator's responsiveness.

Visual Clarity: The indicator uses user-defined colors to visually represent upward and downward movements. You can select your preferred colors for both bullish and bearish signals, making it easy to spot potential trade setups.

AO and RSI Integration: The script combines the AO and RSI indicators to provide a comprehensive view of market conditions. The RSI is applied to the AO, which results in a standardized as well as a less noisy version of the Awesome Oscillator. This makes the indicator capable of pointing out overbought or oversold conditions as well as giving fewer false signals

Signal Plots: The indicator plots key levels on the chart, including the RSI threshold(Shifted down by 50) at 30 and -30. These levels are often used by traders to identify potential trend reversal points.

Signal Alerts: For added convenience, the indicator includes "x" markers to signal potential buy (green "x") and sell (red "x") opportunities based on RSI crossovers with the -30 and 30 levels. These alerts can help traders quickly identify potential entry and exit points.
Release Notes:
Added alerts

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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 a publication is governed by House Rules. You can favorite it to use it on a chart.


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