This oscillator is rewritten from AmiBroker Formula Language (AFL) and think Mladen cleaned the code quite a while back, I just made it to be compatible with the new mt4 and added all the averages. Just for information not all the averages are working with this formula. Also attaching the original AmiBroker code.
It's intended for intraday trading (timeframes below the Daily chart) as a reversal indicator, similar to the display of a Stochastic but using a different formula.
The original code uses a:
- Average type: Linear Weighted Moving Average (LWMA)
- Stochastic period of: 10
- Average period of: 5
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