LuauDesign's Oscillator v1 — Indicator by luaudesign

oscillator volatility trendanalysis bands

I wanted to make an indicator that behaved similarly to Parallel Channels. This is what I currently have.

Blue Oscillator for uptrend. Red Oscillator for downtrend. Both for ranges.

Recommended periods are powers of two (16, 32, 64, 128, 256), which should be adjusted according to volatility.

There's a alternate version of this same code that shows Price Bands instead. Easier to spot trend direction and how price responds to each Channel.

Release Notes:

Better colors and better preview image

Protected script

This script is published closed-source but you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.

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.

Want to use this script on a chart?