+ Klinger OscillatorThis is a version of Stephen J. Klinger's, Klinger Oscillator (sometimes called Klinger Volume Oscillator). I've changed virtually nothing about the indicator itself, but added some lookback inputs for the EMAs the oscillator is derived from (traditionally 34 and 55), and added a few other things, as is my wont.
But what is the Klinger Oscillator? Essentially, the calculation looks at the high, low, and close of the current period, and compares that to the previous period's. If it is greater, it adds volume, and if it is less, it subtracts volume. It then takes an EMA of two different lookback periods of that calculation and subtracts one from the other. That's your oscillator. There is then made a signal line of the oscillator that a trader can use, in combination with the zero line, for taking trades. Investopedia has a good article on it, so if you're looking for more specifics, check there.
What I've done is add a selection of different moving averages that you may choose for the signal line. Usually it's a 13 period EMA, and that comes default, but here you could use an ALMA or HMA, or modular filter, etc. Find something that works for your style/algorithm.
Of course there are all the usual additions of mine with the various ways of coloring the indicator and candles, adjustable Donchian Bands, and alerts. A new addition that I've just added to all my indicators (oscillators, anyway) are divergences. This is more or less just a copy and paste of the divergence indicator available in TradingView. In this case you can set it to plot divergences off either the Klinger or the signal line. Depending on which one you choose you may have to adjust pivot lookbacks, and lookback range. I've kept the settings default from the RSI TradingView version.
