OPEN-SOURCE SCRIPT
Updated Aroon Oscillator [bkeevil]
The Aroon Oscillator is intended to highlight short-term trend changes by comparing the number of periods since the last high with the number of periods since the last low.
Since the crossover rules for this oscillator frequently give false signals, I have opted for a more general approach: When the oscillator passes above the 50 line, the background of the indicator will turn green, indicating a general short term buy condition. When the oscillator passes below the -50 line, the background of the indicator will turn red, indicating a general short term sell condition. Use this indicator in combination with other indicators and price signals to identify short term trend changes.
This version improves on existing versions by:
Since the crossover rules for this oscillator frequently give false signals, I have opted for a more general approach: When the oscillator passes above the 50 line, the background of the indicator will turn green, indicating a general short term buy condition. When the oscillator passes below the -50 line, the background of the indicator will turn red, indicating a general short term sell condition. Use this indicator in combination with other indicators and price signals to identify short term trend changes.
This version improves on existing versions by:
- Adding background colors to indicate general buy/sell conditions
- More visually appealing
- Uses the latest version 5 features
- Well documented source code that conforms to the style guide
Release Notes
- Turn off indicator overlay mode
- Fix erroneous tooltip
Release Notes
- Changed the rendering of horizontal lines to use hline() instead of plot()
- Rename Buy/Sell to Uptrend/Downtrend
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 publications is governed by House rules. You can favorite it to use it on a chart.
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