FX Trend oscillator displays the market status and its wave characteristic.
Crossing the level of 50.0 and divergence of the oscillator graph and price chart can serve as signals.
The indicator has four configurable parameters:
- Small range of bars - small calculation range
- Middle range of bars - middle calculation range
- Big range of bars - large calculation range
- Threshold level - threshold (signal) level (default is 50)
Calculation:
FXT = K * ((Close-L1) / (D1*Small range)+(Close-L2) / (D2*Middle range)+(Close-L3) / (D3*Big range))
where:
D1 = H1 - L1 D2 = H2 - L2 D3 = H3 - L3 L1, H1 - the lowest and the highest prices in the Small range L2, H2 - the lowest and the highest prices in the Middle range L3, H3 - the lowest and the highest prices in the Big range K = 100.0 / (1/Small range+1 / Middle range+1 / Big range)
