DEROSC - indicator for MetaTrader 5

The Derivative Oscillator indicator by Constance Brown was published in her book "Technical Analysis for the Trading Professional"

The indicator is a twice exponentially smoothed RSI with the default parameters of 5 and 3.
Then a signal line is formed by simple smoothing of the resulting 2ERSI with the period of 9.
The derived histogram is calculated as a difference between 2ERSI and the signal line

There are five inputs:

• RSI period - period of RSI
• First EMA period - the period of the first smoothing EMA
• Second EMA period - the period of the second smoothing EMA
• SMA period - signal line smoothing period
• Applied price price used for calculations
  

DEROSC = EMA2 - SMA(EMA2, SMA period)

EMA2 = EMA(EMA1, Second EMA period)
EMA1 = EMA(RSI, First EMA period)
RSI - RSI(Applied price, RSI period)