OPEN-SOURCE SCRIPT
Updated Carbon Awesome Oscillator
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 creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.