This is an OBOS indicator from Tradestation, got the very simple code from a Tradingview posted code, the Tradingview version was using "bars" which don't seem to work VERY good in mt4 so did this version with filled areas on the cross.
How is it calculated?
- This indicator is calculated by creating a volatility-normalized oscillator, like a Z-score of price vs EMA (how far price is from its EMA, measured in standard deviations).
- It then applies multiple EMAs for a smoother result.
- +100 and -100 levels act like overbought/oversold thresholds.
- Also useful for reading market momentum.
