what is Faytterro oscillator? An oscillator that perfectly identifies overbought and oversold zones.
what it does? this places the price between 0 and 100 perfectly but with a little delay. To eliminate this delay, it predicts the price to come, and the indicator becomes clearer as the probability of its prediction increases.
how it does it? This indicator is obtained with "faytterro bands", another indicator I designed. For more information about faytterro bands: tradingview.com/script/yXYS7vNg-Faytterro-Bands/ A kind of stochastic function is applied to the faytterro bands indicator, and then another transformation formula that I have designed and explained in detail in the link above is applied. These formulas are also applied again to calculate the prediction parts.
how to use it? Use this indicator to see past overbought and oversold zones and to see future ones. The input named source is used to change the source of the indicator. The length serves to change the signal frequency of the indicator.
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alert added.
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warning added
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added color and line size changes.
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Fixed the label on scala. barcolor removed, bgcolor added.
@Novice_Hedge This indicator looks better than RSI for determining the oversold and overbought zones but the creator says this oscillator repaints a little in live and so I've asked him for clarification... Take a look at this one...
@skirmantas, The indicator applies transparency according to the repaint rate and repaints as little as possible. Look at the transparency of the lines to analyze the risk. such an indicator has to repaint to a certain extent because no one can know the future exactly. It's not a scam, it's all a matter of probability, remember that once the risk is gone, the opportunity for profit disappears.
Jaivanth
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@faytterro Does this oscillator repaints when it touches oversold and overbought zones? The zones looks more accurate and that's why I'm asking! Most of the times the zones act as good support and resistance levels while rarely the trend lasts even after breaching... I just wanted to know that whether the oscillator repaints to a higher rate while trading with live signals from the zones... While backtesting the zones looks so promising but whether does it repaint much in chart in live? Waiting for your kind reply... Is it advisable to trade in live with the oversold and overbought zones?
jmovic
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The repainting is quite deceptive. When price has not gotten to the oversold or overbought regions and reverses hard, the indicator extends and shifts that turning point to the OB or OS areas to make it seem like it called the right turn. I don't plan on using it for entries, just to know when price is oversold or overbought, and twice in my testing I have missed trades that clearly were not in the zones when the move happened, only to check the indicator and see that it has shifted and replotted itself perfectly.
faytterro
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@jmovic, yes, you are right but buy-sell signals don't do repaint.
jmovic
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@faytterro, by buy-sell signal do you mean when price goes beyond the 30 and 70 lines?
evakuator5g
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hello great job, please add color and line size changes. thanks