TrendlessOS - oscillator
TrendlessOS - modified and slightly changed indicator based on the book "Trading with DiNapoli levels" by Joe DiNapoli. This indicator was developed to clearly show the moments of the real overbought and oversold market.
Joe DiNapoli, describing this indicator, suggested using its linear form with the necessary levels of 60%, 80% and 100% overbought level.oversoldBut the histogram with color elements more clearly demonstrates the current dynamics, and this is the advantage of the indicator over the standard version.
TrendlessOS indicator signals is the appearance of colored bars in the histogram. The green line - crossing the level of 60%, blue - 80%, red - 100%.
Commentary from ForTrader.org: TrendlessOS indicator is easy to use if you use the Joe DiNapoli trading strategy. It differs from the original only in the visual appearance of the signals.