Oscillator Slingshot displays in the chart the price momentum histogram and signal line. The probable direction of the fitire price movement is marked in the histogram with different colors:

  • Green - up-movement;
  • Red - down-movement;
  • Lime green - rolling back upwards or starting up-movement;
  • Orange - rolling back downwards or starting down-movement;
  • Gray - neutral market.

The indicator has four configured parameters:

  • Period - calculation period;
  • Applied price - calculation price;
  • Signal period - signal line period;
  • Signal price - signal line calculation price.

Calculations:

SValue = PriceSV - PriceSV[Period1]
Signal = PriceSig - PriceSig[Period2]

where:

PriceSV - SMA(1, Applied price)
PriceSig - SMA(1, Signal price)
Period1 - Period
Period2 - Signal period