as Written in IFTA Journal 2018 Edition
more info : http://ifta.org/public/files/journal/d_i...
• M-Oscillator is a bounded oscillator that moves between (-14) and (+14),
• Movement above 10 is considered overbought, and movement below -10 is oversold.
• 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)
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.