OBOS Indicator for MT5

 

Overbought/Oversold oscillator displays the market movement direction color histogram in a separate window.

The indicator has three input parameters:

• Period - calculation period
• Overbought - overbought level
• Oversold - oversold level

Calculation:

Up = EMA(EMA((WP-EMA(WP)) / StdDev(WP)))
Down = EMA(Up, Period)

where:

EMA - EMA(PRICE_WEIGHTED, Period)
StdDev - StdDev(PRICE_WEIGHTED, Period)
WP - weighted price (High+Low+Close+Close)/4

The upward movement is displayed by the green histogram
The downward movement is displayed by the red histogram
Uncertain movement is displayed by the gray histogram