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This oscillator is one of the market indicators used when the price fluctuates within a certain range. The oscillator has its own boundaries (upper and lower), when approached, the market participant receives information about the oversold or overbought market. The indicator registers price fluctuations within the limits of a certain volatility.
If the oscillator signal is confirmed by the price chart, then the probability of a trade will increase. This direction is reflected in the so-called upper and lower zones of the oscillator. The instrument is based on overbought and oversold conditions. To determine these parameters, special levels are set.
The oscillator is inherently secondary. It should be considered not as the main, but as an auxiliary tool for analysis. The main parameter is always the real price movement.
Description of indicator settings:
- Waves_Period - primary period for calculating the indicator
- Trends_Period - secondary period for calculating the indicator
- Width_Period - period for calculating the width between lines
- ARROW_SHIFT - vertical shift for signal points
- Alerts - enable a dialog box containing custom data
- Text_BUY - custom text for a buy signal
- Text_SELL - custom text for a sell signal
- Send_Mail - send emails to the address specified in the settings window on the "Mail" tab
- subject - email header
- Send_Notification - send a notification to mobile terminals whose MetaQuotes ID are specified in the settings window on the "Notifications" tab.