These 2 indicators are derivative work from Jim Hurst's book - "The Magic of Stock Transaction Timing".
The bands are % bands around a median that gets calculated according to Hurst's formula. The outer bands (called ExtremeBands) signify extreme overbought/oversold conditions. Inner bands signify potential pullback points. As you can see, they also act as dynamic S/R levels.
The oscillator bands match the bands overlaid on price, so you will get an excellent indication of where the price is gonna do by using the oscillator along with the bands. Note that Hurst Oscillator can be used separately too, there is no technical dependency on Hurst Bands.
@grahvity, can you please share the code of oscillator.Its no more available in share option
Kurbelklaus
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You, Sir, are my new personal hero! Seems to work really good on lower timeframes. Be assured that i definitely would give more than just one thumb up if i could :)