AwesomeOscillator
Fast minus slow average of bar midpoints, in dollars: above zero means short-term momentum is up.
Each bar's midpoint is the average of its high and low. The oscillator averages those midpoints over a short window (5 bars at defaults) and a long window (34 bars), then plots the short average minus the long one in price dollars. It measures how far recent prices have pulled ahead of the longer trend, so it reads momentum rather than the price level.
How to read it
- The line sits in its own pane below the price, centred on zero, in dollars.
- Above zero the short average of midpoints is above the long one, so recent bars are pushing higher; below zero, pushing lower.
- A line shrinking back toward zero while price still rises means the momentum behind the move is fading.
- On the September 2026 SPY sample, 90% of values fell between -0.63 and +0.64, so readings beyond that stand out.
What it outputs
- Awesome Oscillator
- Short average of bar midpoints minus long average, in dollars. On the sample it ran from -4.40 to +2.90, with a median near zero.
Settings
- fast_window
- Bars in the short average of midpoints. Raising it pulls the short line toward the long one, so the oscillator shrinks; lowering it tracks each bar more closely and swings harder on every move.
- slow_window
- Bars in the long average. Raising it makes the long line lag further, so the oscillator stays further from zero in sustained trends and the blank warm-up grows; lowering it pulls the long line toward the short one, so the oscillator flattens toward zero.
Pitfalls
- Blank for the first 33 bars at defaults, because the long average needs 34 midpoints; on the sample 33 of 20,160 bars had no value.
- The output has no colours, signal line or cross alert of its own, so any zero-cross or turn rule has to be read by eye.
- It barely tracks the price level: on the sample its correlation with the close was 0.08, so it should not be read as a price overlay.