Indicator - Aroon Oscillator
My first time doing a script!
Aroon Oscillator is difference between Arron Up and Aroon Down. Aroon Oscillator makes it easier to see which of the two indicators are stronger. Normally Aroon is plotted with the two distinct lines. This indicator fluctuates between -100 and +100 with 0 as the mid line. When oscillator is positive there tends to be upward trend bias, and downward trend bias when this oscillator is negative. The default value for this oscillator is 25, while Aroon is 14. Because of the way Aroon was designed there are no divergences in this indicator.
Another usage of Aroon Oscillator would be to see when any value of > 90 or < -90 occurs. This may signal a strong trend may be ready to occur. With a 90 move it is considered bullish until there is a move of -90. The same is true for move below -90. It is bearish until a move above 90 is reached.
Of course as with all indicators using more than one is recommended to get clearly signals.
Script can be found on here: tradingview.com/p/ or...
bitbin.it/CVIn0yKZ
Aroon Oscillator is difference between Arron Up and Aroon Down. Aroon Oscillator makes it easier to see which of the two indicators are stronger. Normally Aroon is plotted with the two distinct lines. This indicator fluctuates between -100 and +100 with 0 as the mid line. When oscillator is positive there tends to be upward trend bias, and downward trend bias when this oscillator is negative. The default value for this oscillator is 25, while Aroon is 14. Because of the way Aroon was designed there are no divergences in this indicator.
Another usage of Aroon Oscillator would be to see when any value of > 90 or < -90 occurs. This may signal a strong trend may be ready to occur. With a 90 move it is considered bullish until there is a move of -90. The same is true for move below -90. It is bearish until a move above 90 is reached.
Of course as with all indicators using more than one is recommended to get clearly signals.
Script can be found on here: tradingview.com/p/ or...
bitbin.it/CVIn0yKZ
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