Wildhog oscillator displays asset’s overbought/oversold states, as well as searches for divergences. It works on any timeframe.
The system is based on the last High, Low and Close eight bars.
The indicator has three input parameters:
- Period – calculation period
- Overbought – overbought level
- Oversold – oversold level
Calculation:
Wildhog = 100 * (Close-Min) / (3 * (Max-Min)) + PrevWildhog
where:
Max, Min are the highest and lowest prices within the Period interval
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