OPEN-SOURCE SCRIPT
Elite Oscillator Pro
Elite Oscillator Pro is a visual momentum oscillator designed to provide a cleaner reading of overbought, oversold, neutral, and momentum-transition conditions in a separate oscillator pane.
The script can calculate its base oscillator using either Stochastic or RSI logic. The selected oscillator is then processed through a two-step smoothing engine to reduce short-term noise and make momentum transitions easier to read visually.
The goal of this indicator is not to predict future price movement or generate automatic trading instructions. It is intended as a visual analysis tool that helps users observe momentum structure, oscillator regime changes, and transitions around predefined levels.
Main features:
• Dual calculation mode
The user can choose between a Stochastic-based oscillator and an RSI-based oscillator.
• Custom source selection
The selected source is used in the oscillator calculation, allowing the user to adapt the tool to different price inputs.
• Double smoothing engine
The raw oscillator is smoothed twice with configurable lengths. This is designed to make the oscillator less noisy while preserving the main directional movement.
• Configurable levels
The script includes adjustable overbought, oversold, midline, neutral-band, upper-bound, and lower-bound levels.
• Bull and bear pressure gradients
The oscillator area is visually separated around the midline. Positive momentum above the midline and negative momentum below the midline are displayed with separate gradient regions.
• Neutral band
A configurable neutral zone can be displayed between the upper and lower neutral-band levels. This helps identify when momentum is not clearly extended in either direction.
• Signal dots
The script displays optional dots for specific oscillator states:
* Green dots mark overbought conditions.
* Red dots mark oversold conditions.
* Orange dots mark bullish momentum crosses.
* Magenta dots mark neutral-band events or neutral-band zone conditions.
The dot logic can be set to either “Events” or “Zones”.
In Events mode, dots appear only when a condition is newly triggered.
In Zones mode, dots remain visible while the condition is active.
• Alerts
The script includes alert conditions for overbought entry, oversold entry, exits from those zones, bullish momentum crosses, and bearish momentum crosses.
How to use:
1. Choose the calculation mode: Stochastic or RSI.
2. Adjust the oscillator length and smoothing settings to match the symbol and timeframe being analyzed.
3. Use the overbought and oversold levels to identify extended oscillator conditions.
4. Use the midline and neutral band to evaluate whether momentum is directional or balanced.
5. Use the dots as visual markers of oscillator state changes, not as standalone trade entries.
6. Combine this oscillator with price structure, trend context, volume, and risk management before making any trading decision.
Important limitations:
• This script is an indicator, not a strategy.
• It does not place trades.
• It does not manage risk.
• It does not provide financial advice.
• It does not guarantee profitable results.
• Overbought does not automatically mean price must fall.
• Oversold does not automatically mean price must rise.
• Momentum crosses can fail during ranging or volatile markets.
• Users should test settings on their own symbols and timeframes before relying on the visual output.
This indicator is best used as a momentum-context tool, not as a standalone entry or exit system.
The script can calculate its base oscillator using either Stochastic or RSI logic. The selected oscillator is then processed through a two-step smoothing engine to reduce short-term noise and make momentum transitions easier to read visually.
The goal of this indicator is not to predict future price movement or generate automatic trading instructions. It is intended as a visual analysis tool that helps users observe momentum structure, oscillator regime changes, and transitions around predefined levels.
Main features:
• Dual calculation mode
The user can choose between a Stochastic-based oscillator and an RSI-based oscillator.
• Custom source selection
The selected source is used in the oscillator calculation, allowing the user to adapt the tool to different price inputs.
• Double smoothing engine
The raw oscillator is smoothed twice with configurable lengths. This is designed to make the oscillator less noisy while preserving the main directional movement.
• Configurable levels
The script includes adjustable overbought, oversold, midline, neutral-band, upper-bound, and lower-bound levels.
• Bull and bear pressure gradients
The oscillator area is visually separated around the midline. Positive momentum above the midline and negative momentum below the midline are displayed with separate gradient regions.
• Neutral band
A configurable neutral zone can be displayed between the upper and lower neutral-band levels. This helps identify when momentum is not clearly extended in either direction.
• Signal dots
The script displays optional dots for specific oscillator states:
* Green dots mark overbought conditions.
* Red dots mark oversold conditions.
* Orange dots mark bullish momentum crosses.
* Magenta dots mark neutral-band events or neutral-band zone conditions.
The dot logic can be set to either “Events” or “Zones”.
In Events mode, dots appear only when a condition is newly triggered.
In Zones mode, dots remain visible while the condition is active.
• Alerts
The script includes alert conditions for overbought entry, oversold entry, exits from those zones, bullish momentum crosses, and bearish momentum crosses.
How to use:
1. Choose the calculation mode: Stochastic or RSI.
2. Adjust the oscillator length and smoothing settings to match the symbol and timeframe being analyzed.
3. Use the overbought and oversold levels to identify extended oscillator conditions.
4. Use the midline and neutral band to evaluate whether momentum is directional or balanced.
5. Use the dots as visual markers of oscillator state changes, not as standalone trade entries.
6. Combine this oscillator with price structure, trend context, volume, and risk management before making any trading decision.
Important limitations:
• This script is an indicator, not a strategy.
• It does not place trades.
• It does not manage risk.
• It does not provide financial advice.
• It does not guarantee profitable results.
• Overbought does not automatically mean price must fall.
• Oversold does not automatically mean price must rise.
• Momentum crosses can fail during ranging or volatile markets.
• Users should test settings on their own symbols and timeframes before relying on the visual output.
This indicator is best used as a momentum-context tool, not as a standalone entry or exit system.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Light the candle that sleeps within you.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Light the candle that sleeps within you.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.