Variation of the RMO oscillator developed by Rahul Mohindar. The indicator is implemented in the form of a color histogram with signal pointers.

It has four inputs:

  • First EMA period - calculation period of the first ЕМА
  • Second EMA period - calculation period of the second ЕМА
  • Third EMA period - calculation period of the third ЕМА
  • Applied price

Calculation:

RMO = EMA(SwingTrd, Third EMA period)

where: 

SwingTrd = 100.0 * (Price-MA_Avg) / (Max-Min)
MA_Avg = (MA1+MA2+MA3+MA4+MA5+MA6+MA7+MA8+MA9+MA10)/10
MA10= (MA9+PrevMA9)/2
MA9 = (MA8+PrevMA8)/2
MA8 = (MA7+PrevMA7)/2
MA7 = (MA6+PrevMA6)/2
MA6 = (MA5+PrevMA5)/2
MA5 = (MA4+PrevMA4)/2
MA4 = (MA3+PrevMA3)/2
MA3 = (MA2+PrevMA2)/2
MA2 = (MA1+PrevMA1)/2
MA1 = (Applied price+PrevApplied price)/2
Max, Min are the highest and the lowest price within the range from (the current bar+10) to the current bar

Fig. 1. Rahul Mohindar oscillator

Fig. 2. Rahul Mohindar oscillator + RMO