Ohnishi Oscillator is a MACD-like indicator. The values are computed by the original algorithm.
This indicator is used in the same way as MACD with respect to the center signal. And then, you should append the following rules:
- Suppose that there is a bullish trend when the histogram is green.
- Suppose that there is a bearish trend when the histogram is red.
- You should wait when the histogram is yellow.
- Suppose that the market is overbought when the histogram is above the upper signal.
- Suppose that the market is oversold when the histogram is below the lower signal.
Please increase the value of "Insensibility" if you want to analyze a more long-term situation.
Thank you for your time and Good Luck!