This oscillator is derived from Absolute Strength Index, originally developed by Tudor Marcelin (Art Invest).
I made it an oscillator mainly to make it easy to identify the divergences and price-flows. There is not much documentation available online for Absolute Strength Index afaik, lets hope Mr.Tudor comes across this and provides us a detailed writeup :)
Quick testing showed lots of good signals (with minimal lag). Let me know what you guys find in your testing.
Indicator options support coloring bars based on the oscillator/signal values, and a histogram-only mode.
List of my public indicators: bit.ly/1LQaPK8
List of my app-store indicators: blog.tradingview.com/?p=970
I made it an oscillator mainly to make it easy to identify the divergences and price-flows. There is not much documentation available online for Absolute Strength Index afaik, lets hope Mr.Tudor comes across this and provides us a detailed writeup :)
Quick testing showed lots of good signals (with minimal lag). Let me know what you guys find in your testing.
Indicator options support coloring bars based on the oscillator/signal values, and a histogram-only mode.
List of my public indicators: bit.ly/1LQaPK8
List of my app-store indicators: blog.tradingview.com/?p=970
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
//
// @author LazyBear
//
// List of my public indicators: http://bit.ly/1LQaPK8
// List of my app-store indicators: http://blog.tradingview.com/?p=970
//
study("Absolute Strength Index Oscillator [LazyBear]", shorttitle="ABSSIO_LB")
sh=input(false, title="Show as Histo")
ebc=input(false, title="Enable Bar Colors")
lma=input(21, title="EMA Length")
ld=input(34, title="Signal Length")
osl=10
calc_abssio( ) =>
A=iff(close>close[1], nz(A[1])+(close/close[1])-1,nz(A[1]))
M=iff(close==close[1], nz(M[1])+1.0/osl,nz(M[1]))
D=iff(close<close[1], nz(D[1])+(close[1]/close)-1,nz(D[1]))
iff (D+M/2==0, 1, 1-1/(1+(A+M/2)/(D+M/2)))
abssi=calc_abssio()
abssio = (abssi - ema(abssi,lma))
alp=2.0/(ld+1)
mt=alp*abssio+(1-alp)*nz(mt[1])
ut=alp*mt+(1-alp)*nz(ut[1])
s=((2-alp)*mt-ut)/(1-alp)
d=abssio-s
hline(0, title="ZeroLine")
plot(not sh ? abssio : na, color=(abssio > 0 ? abssio >= s ? green : orange : abssio <=s ? red :orange), title="ABSSIO", style=histogram, linewidth=2)
plot(not sh ? abssio : na, color=black, style=line,title="ABSSIO_Points", linewidth=2)
plot(not sh ? s : na, color=gray, title="MA")
plot(sh ? d : na, style=columns, color=d>0?green:red)
barcolor(ebc?(abssio > 0 ? abssio >= s ? lime : orange : abssio <=s ? red :orange):na)