A request that was addressed to ProRealTime:
I have a request for you to implement the Overbought/Oversold (OBOS), which I could not find at ProRealCode.
It is a very famous indicator, introduced by Murphy, John J. and I have made extraordinary good results with specific settings in M1 up to H1 and D1 periods.
I think you and all PRT users will strongly benefit of this indicator for which the formula is public since it belongs to the class of standard indicators.
I got the source from e.g. this page:
http://partners.futuresource.com/workstation/help/charts/studies/obos.htm
I would be very happy, if you could implement it and hope it works for you.
Suggestion for an anwser:
SupLine = 75
LowLine = 25
OBOS = ((Close - Low) / (High - Low)) * 100
RETURN OBOS AS "Overbought/Oversold", 50 AS "50", SupLine as "SupLine", LowLine as "LowLine"
Hello, I think there might be a mistake in suggested formula.
The OBOS seems to be calculated within a period to find the highest close and lowest close too. The description is:
Formula
OBOSt = ((Ct – LCt) / (HCt – LCt)) * 100
HCt = Highest Close of period
LCt = Lowest Close of period
Properties
Close. The current Close of the contract. The default is Close.
High. The highest Close of the period. The default is Close, but can be changed. If changed to High instead of Close, the study will be calculated off of the Highest High of the period, instead of the Highest Close.
Low. The lowest Close of the period. The default is Close, but can be changed. If changed to Low instead of Close, the study will be calculated off of the Lowest Low of the period, instead of the Lowest Close.
Period. The number of bars in a chart. If the chart displays daily data, then period denotes days; in weekly charts, the period will stand for weeks, and so on. The application uses a default of 14.
Please find my solution below:
period = 14
SupLine = 75
LowLine = 25
ll = lowest[period](close)
hh = highest[period](close)
OBOS = ((Close - ll) / (hh - ll)) * 100
RETURN OBOS AS "Overbought/Oversold", 50 AS "50", SupLine as "SupLine", LowLine as "LowLine"
Hi Nicolas,
I really thank you for your help an yes, the formula above is the correct one.
Unfortunately, I have no idea to implement your solution. I tried to create a new indicator, but it did not work.
Is there a documentation besides the programmer docu? Would it be possible to provide your solution in PRT maybe to be uploaded?
If the customization could take place via a setting in the indicator menue and not by code adjustment it would be a dream.
Thanks for your time.
KR, Michael
Dear Nicolas,
may I ask you, if this topic is still of interest for you?
Thanks and kind regards,
Michael
Hi Michael,
the code works just fine.
You can download the manual here: https://www.prorealtime.com/en/pdf/probuilder.pdf?c1463576780c
The chapter with fundamentals is the one you need.
Or watch the video: https://www.youtube.com/watch?v=Q8vEg3FvuMo&list=
Sorry TraderFox, your last message passed through all the over ones and I didn’t see it until today.
Please find attached the ITF file of this indicator for direct import with the ProBuilder window.
Bonsoir Nicolas,
merci beaucoup pour votre excellent service et à bientôt,
Michael
