OPEN-SOURCE SCRIPT
SCTR's oscillator
This tool is Inspired by John Murphy from Stock Charts. This indicator including the Long term, middle term and short term parameter. As John Murphy design, I kept the same proportion of the long, mid and short term as 60%, 30% and 10% but all could by modulated. This indicator is very simple and It range from 0.1 to 99.9, mean that full bullish is close of 99.9 and full bearish is close to 0.1. The 50's is the middle and mean there is no trend. It's interesting to figure with RSI and MACD together to indentified the strongest of trend. More easy to identify the ntop and bottom than the RSI or MACD. To learn more about SCTR's at stockcharts.com/school/doku.php?id=chart_school:technical_indicators:sctr
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Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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