OPEN-SOURCE SCRIPT
LBR Oscillator
Oscillator used by Linda Bradford Raschke.
Basicly it's a MACD with 3/10/16 settings but without the histogram (difference between fast and slow line), instead the shown histogram is based on the fastline (green bars = fastline above zero). The color of the lines will tell you if the line is falling (red) or rising (green).
In terms of setups dont just buy or sell if a line is changing its color. Look for divergences or setups like first cross or anti.
Basicly it's a MACD with 3/10/16 settings but without the histogram (difference between fast and slow line), instead the shown histogram is based on the fastline (green bars = fastline above zero). The color of the lines will tell you if the line is falling (red) or rising (green).
In terms of setups dont just buy or sell if a line is changing its color. Look for divergences or setups like first cross or anti.
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