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.
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.
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