3/10 Oscillator

ThinkScripter — Tue, 07 Apr 2009 00:26:55 +0000

Reader Steve H commissioned me to build this popular study used by Linda Bradford Raschke. The indicator itself is exceptionally simple. The fast line (red) is a 10 period simple moving average subtracted from a 3 period simple moving average. The slow line (cyan) is then a 16 period SMA of the slow line. The histogram is the delta between these two lines and therefore crosses the zero line when the fast and slow line cross. The histogram is hidden by default but can be revealed in the normal manner on the study properties pane.

3/10 Oscillator

# THREE TEN OSCILLATOR
# http://www.thinkscripter.com
# thinkscripter@gmail.com
# Last Update 06 APR 2009

declare lower;

input price = close;

def SMA3 = average(price, 3);
def SMA10 = average(price, 10);

def osc = SMA3-SMA10;
def ave = average(osc, 16);

plot deltaHistogram = osc-ave;
deltaHistogram.setPaintingStrategy(paintingStrategy.HISTOGRAM);
deltaHistogram.assignValueColor(if deltaHistogram > 0 then color.green else color.red);
deltaHistogram.hide();

plot osc310 = osc;
osc310.setDefaultColor(color.red);

plot ave16 = ave;
ave16.setDefaultColor(color.cyan);

plot zero = 0;
zero.setDefaultColor(color.white);

ThinkScripter » 3/10 oscillator

3/10 Oscillator