Open_Oscillator calculates Open price change dynamics for a specified period of time. It draws two lines - minimum and maximum Open prices for the range relative to the current values, as well as two signal lines.
It has two configurable parameters:
- Period - calculation period;
- Signal period - signal lines smoothing period.
Calculation:
Low = MinPos - Open
High = Open - MaxPos
SignalLow = EMA(Low, Signal period)
SignalHigh = EMA(High, Signal period)
where:
- MinPos - lowest price within the Period range;
- MaxPos - highest price within the Period range.
The location of the signal lines relative to each other indicates a trend, the crossings of the signal and the oscillator lines indicate the entry direction.