Elegant Oscillator

A custom indicator created by James on TrendSpider. You can import this custom indicator into your TrendSpider account. Don't have TrendSpider? Create an account first, then import the custom indicator.

Source code

This indicator had been implemented by James in JavaScript on TrendSpider. Check out the developer documentation to learn more about JS on TrendSpider.

// Indicator: Elegant Oscillator
describe_indicator('Elegant Oscillator', 'lower', { shortName: 'EO' });

// Inputs
const rmsLength = input.number('RMS Length', 50, { min: 1 });
const cutoffLength = input.number('Cutoff Length', 20, { min: 1 });
const threshold = input.number('Threshold', 0.5, { min: 0, max: 1 });

// Calculate the derivative and RMS
const derivative = sub(close, shift(close, 2));
const rms = sma(mult(derivative, derivative), rmsLength).map(Math.sqrt);

// Normalize the derivative and calculate the IFT
const normDerivative = div(derivative, rms);
const ift = normDerivative.map(value => (Math.exp(2 * value) - 1) / (Math.exp(2 * value) + 1));

// Smooth the IFT
const elegantOsc = ema(ift, cutoffLength);

// Generate color series for the oscillator
const oscColors = elegantOsc.map(value => (value >= 0 ? '#00FF00' : '#FF0000'));

// Plot the oscillator with threshold lines as a histogram
paint(elegantOsc, {
  name: 'Elegant Oscillator',
  style: 'histogram',
  color: oscColors
});

paint(horizontal_line(threshold), 'Upper Level', '#FFA500');
paint(horizontal_line(0), 'Zero Line', '#000000', 'dotted');
paint(horizontal_line(-threshold), 'Lower Level', '#FFA500');