OPEN-SOURCE SCRIPT
Carbon Awesome Oscillator
Updated
This oscillator is a variation of the well-known Awesome Oscillator.
I have added an extra oscillator line that plots the difference between the EMA's of the short and long periods.
This adds an extra warning of a trend change since the EMA line will usually lead the SMA histogram and sometimes contradict it.
The times when a contradiction is indicated are times to be extra cautious.
I also prefer using periods 3 and 21 for the moving averages, rather than the standard 5 and 34.
I have added an extra oscillator line that plots the difference between the EMA's of the short and long periods.
This adds an extra warning of a trend change since the EMA line will usually lead the SMA histogram and sometimes contradict it.
The times when a contradiction is indicated are times to be extra cautious.
I also prefer using periods 3 and 21 for the moving averages, rather than the standard 5 and 34.
Release Notes
A small bug fix in color changes.Release Notes
Republished with a clean chart.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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