Elder Ray Composite DO

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A hybrid representation of Elder Ray's Bear/Bull as an oscillator, using TEMA and LRC calculations to average out the signals. The Oscillation is based off of the Derivative oscillator. This gives an interesting interpretation of Bear vs Bull power. Give it a try!
study(title="Elder Ray Composite DO", shorttitle="Elder Ray Composite DO")
src = close, len = input(13, minval=1, title="Elder Ray Composite Length"), length=len
p=input(9,title="SMA length")
ema1=input(5,title="EMA1 length")
ema2=input(3,title="EMA2 length")
offset=input(0,title="LRC Offset")

outEMA = ema(src, len)
source = (high - outEMA)
source2 = (low - outEMA) * (-1)

//TEMA/LRC AVG

s1=ema(ema(source, ema1),ema2)
s2=s1 - sma(s1,p)

//Triple EMA
tema1 = ema(source, ema1)
tema2 = ema(tema1, ema1)
tema3 = ema(tema2, ema1)
dotema1 = 3 * (tema1 - tema2) + tema3
//LRC
lrc1 = linreg(source, ema1, offset)
avg1 = (dotema1 + lrc1) / 2

tema4 = ema(avg1, ema2)
tema5 = ema(tema4, ema2)
tema6 = ema(tema5, ema2)
dotema2= 3 * (tema4 - tema5) + tema6
lrc2 = linreg(source, ema2, offset)
avg2 = (dotema2 + lrc2) / 2
xs1 = avg2

xs2=xs1 - ema(xs1,p)

//TEMA/LRC AVG

//Triple EMA
btema1 = ema(source2, ema1)
btema2 = ema(btema1, ema1)
btema3 = ema(btema2, ema1)
bdotema1 = 3 * (btema1 - btema2) + btema3
//LRC
blrc1 = linreg(source2, ema1, offset)
bavg1 = (bdotema1 + blrc1) / 2

btema4 = ema(bavg1, ema2)
btema5 = ema(btema4, ema2)
btema6 = ema(btema5, ema2)
bdotema2= 3 * (btema4 - btema5) + btema6
blrc2 = linreg(source2, ema2, offset)
bavg2 = (bdotema2 + blrc2) / 2
bxs1 = bavg2
bs1=ema(ema(source2, ema1),ema2)
bs2=bs1 - sma(bs1,p)

bxs2=bxs1 - ema(bxs1,p)
//lxs3=lxs2 * (-1)

plot(s2, style=area, transp=90, linewidth=1, color=blue)
plot(s2, linewidth=1, color=blue)
plot(bs2, style=area, transp=90, linewidth=1, color=fuchsia)
plot(bs2, linewidth=1, color=fuchsia)
c_color=xs2 < 0 ? (xs2 < xs2[1] ? green : lime ) : (xs2 >= 0 ? (xs2 > xs2[1] ? lime : green ) : na )
plot(xs2, style=histogram, color=c_color, linewidth=2)
b_color=bxs2 < 0 ? (bxs2 < bxs2[1] ? maroon : red ) : (bxs2 >= 0 ? (bxs2 > bxs2[1] ? red : maroon ) : na )
plot(bxs2, style=histogram, color=b_color, linewidth=2)
plot(xs2, color=lime, linewidth=1)
plot(bxs2, color=red, linewidth=1)

hline(0)
//plot(out, title="Elder Ray Bull", color=red, style=columns)


Omg! This is really cool!!! One of the best indicators I’ve seen! :)
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Looks really cool. What is an ideal buy long bullish signal?
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Looks rather good!
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I like what you have offered here, its really good! Thanks!
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