Indicator EMA HLC Envelope Oscillator is an oscillator displaying as a histogram the breaking through the envelopes of indicator EMA HLC Envelope by the price.
It has one adjustable parameter:
Period – calculation period for the envelopes of EMA HLC Envelope
The histogram has positive values, if the Close price breaks through the upper envelope of EMA HLC Envelope, and displays the distance of the Close price from the upper envelope.
The histogram has negative values, if the Close price breaks through the lower envelope of EMA HLC Envelope, and displays the distance of the Close price from the lower envelope.
Fig.1. EMA HLC Envelope Oscillator
Fig. 2. EMA HLC Envelope Oscillator + EMA HLC Envelope
