indicator · own pane · open source
Aroon Oscillator
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About
Aroon Oscillator is Aroon Up - Aroon Down, a single-line oscillator centred on zero. Positive = uptrends have had more recent highs; negative = downtrends have had more recent lows.
- Crosses of zero are clean trend-shift signals.
- Magnitudes above 50 (in either direction) = strong and recent extremes.
Source code
//@version=5
indicator("Aroon Oscillator", overlay=false)
len = input.int(25, "Length", minval=2)
ao = (100 * (len - ta.highestbars(high, len)) / len) - (100 * (len - ta.lowestbars(low, len)) / len)
hline(0, "Zero", color=color.gray, linestyle=hline.style_dashed)
p_Aroon_Osc = plot(ao, "Aroon Osc", color=ao >= 0 ? color.green : color.red, style=plot.style_columns, linewidth=2)
alertcondition(ta.crossover(ao, 0), "AO turns up", "Aroon Oscillator crossed above zero")
alertcondition(ta.crossunder(ao, 0), "AO turns down", "Aroon Oscillator crossed below zero")
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