Looks the same as the forecast indicator posted here in the forum(except without the T3 signal line), made it into a histogram version.PumbaPLS wrote: Thu Jun 23, 2022 6:07 am Forecast Oscillator
The Forecast Oscillator is a technical indicator that compares a security close price to its time series forecast. The time series forecast function name is "tsf" and it calculates the projection of the price trend for the next bar.
The Forecast Oscillator and therefore the time series forecast are based on linear regression . The time series forecast indicator is equal to the sum of two other indicators: the linear regression (LinearReg) and the linear regression slope (LinearReg_Slope).
Code: Select all
study("Forecast Oscillator", overlay=false) src = input(close) len = input(defval=14, minval=1, title="Length") lrc = linreg(src, len, 0) lrc1 = linreg(src,len,1) lrs = (lrc-lrc1) TSF = linreg(src, len, 0)+lrs fosc=100*(src-TSF[1])/src col12 = fosc > fosc[1] col32 = fosc < fosc[1] color2 = col12 ? #21C400 : col32 ? #960012 : color.blue plot(fosc, color = color2,linewidth=2, title = "TSF") hline(0, linestyle=2, color=color.blue)
PS: I know we also have a forecast Oscillator on this website, but its different (as far I can tell, also not a histo version)
PS: For the newer version which is more smoother & less noisy please see: Chande Forecast Oscillator 2023 update.