Momentum Covariance Oscillator by Tenozen

Tenozen Updated   
Well, guess what? A new indicator is here! Again it's a coincidence, as I experiment with my formula. So far it's less noisy than Autoregressive Covariance Oscillator, so possibly this one is better. The formula is much simpler, care me to explain.
Yt = close - previous average

Val = Yt/close

Welp that's the formula lol. Funny thing is that it's so simple, but it's good! What matters is the use of it haha.

So how to use this Oscillator? If the value is above 0, we expect a bullish response, if the value is below 0 we expect a bearish response. That simple. Ciao.

(Any questions and suggestions? feel free to comment!)
Release Notes:
Now you can change either manual or auto ticker. Thanks for the suggestion!
Release Notes:
I re-updated the indicator again as I forgot to set up the precision scale.
Release Notes:
Added manual ticker.
Open-source script

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