XTrendlessOS (trendless oscillator):
The indicator is based on the description given in Joe DiNapoli book "Trading with DiNapoli Levels". It is designed to evaluate the actual market overbought/oversold states.
The indicator histogram bars change their color when its value exceeds or is equal to 60%, 80% and 100% of an overbought/oversold levels. Initially J. DiNapoli described the indicator as a linear chart, but, perhaps, its interpretation as a colored histogram, where crossing of one of the critical levels changes the color of a bar, is more convenient.
Author: Nikolay Kositsin