Awesome Oscillator

Author: Optuma Team Last updated: Jul 23, 2020 01:32

Overview

Bill Williams’ Awesome Oscillator is a momentum indicator displayed as a histogram, showing the market momentum of a recent number of periods compared to the momentum of a larger number of previous periods (5 and 34 by default).

MASAWEOSC Large

To add the tool to your chart, select the tool from the Averages tool group, and left-click on the chart to add the tool. Optuma will then draw the tool in a window below the chart using the default settings.

Scripting

To script with the Awesome Oscillator use the OSC() function and change the Type option to Awesome:

Capture

Actions & Properties

Actions

Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.

Add to Toolbar: Adds the selected tool to your custom toolbar.

Apply Settings to All: When multiple Awesome Oscillator tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Awesome Oscillator tools in the chart, page or entire workbook to be updated instantly.

Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.

Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.

Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.

Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.

Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Awesome Oscillator to a chart, the tool will display using the new settings.

Delete: Deletes the tool from the chart.

Properties

Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structures Panel.

MA1: The Awesome Oscillator uses 2 Simple Moving Averages in its calculations. This property allows you to set the number of bars used to calculate the 1st Moving Average. (For example, if 25 is used then the values for the last 25 bars are added and divided by 25).

MA2: The Awesome Oscillator uses 2 Simple Moving Averages in its calculations. This property allows you to set the number of bars used to calculate the 2nd Moving Average. (For example, if 25 is used then the values for the last 25 bars are added and divided by 25).

Calc Style: By default, the Awesome Oscillator uses Simple Moving Averages in its calculations. This option allows you to change the type of calculation used by the Moving Averages. The calculation options are Exponential, Simple, Weighted, Smoothed, or Modified.

Calc Using: The Awesome Oscillator uses Simple Moving Averages in its calculations. This option is used to determine which components of the data are used in calculating the Moving Averages. You can choose from, Open Price, Closed Price, High Price, Low Price, HL (High + Low / 2), HLC (High + Low + Close / 3), OHLC (Open + High + Low + Close / 4), OC (Open + Close / 2).

MA 1 Style: Contains the display properties for the 1st Moving Average displayed on the Awesome Oscillator:

Plot Style - Adjusts the display style of the Upper Band of the Awesome Oscillator tool. There are 6 options available: Line, Dot, Histogram, Step, Shaded, Shaded Step.
Line Style - When Line is selected as the Plot Style, the Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, and Stippled.
Line Width - Allows you to adjust the width of the Upper Band of the Awesome Oscillator tool. Moving the slider bar to the right increases the thickness of the line.
Line Colour - Allows you to adjust the colour of the Upper Band of the Awesome Oscillator tool.
Fill Up / Down Barrier - When the Plot Style is set to Shaded you are able to adjust the barrier value. The default value is 0.00.
Fill Up Colour - When the Plot Style is set to Shaded you are then able to alter the Fill Colour for the tool.
Fill Down Colour - When the Plot Style is set to Shaded you are then able to alter the Fill Colour for the tool.
Fill Transparency - When the Plot Style is set to Shaded you are then able to adjust the shading transparency. Moving the slider to the left will increase the transparency of the shading.

MA 2 Style: Contains the display properties for the 2nd Moving Average displayed on the Awesome Oscillator which are identical to those listed in MA 1 Style.

Signal Line Style: Contains the display properties for the Signal line displayed on the Awesome Oscillator which are identical to those listed in MA 1 Style.

Centre Line Style: Contains the display properties for the Centre line displayed on the Awesome Oscillator which are identical to those listed in MA 1 Style.

Offset: Moves the tool forward or backwards in time. The offset is measured in bars, so a value of 2 will push the tool forward 2 bars and -2 will move the tool back 2 bars.

Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.

Visible: Un-tick this checkbox to hide the tool from the chart.

Show In Price Scale: When selected the current upper and lower band values will be displayed in the Price Scale.