This oscillator based on turnovers has been developed by Stephen Klinger.

The oscillator is calculated in seven steps:

  1. The average typical price is calculated – (H+L+C)/3
  2. If the current typical price is greater than the average typical price of the previous bar, the turnover of the current bar gets a “plus” sign
  3. If the current typical price is less than the average typical price of the previous bar, the turnover of the current bar gets a “minus” sign
  4. A 34-period EMA of the turnover obtained in steps 2 or 3 is calculated
  5. A 55-period EMA of the turnover obtained in steps 2 or 3 is calculated
  6. The 34-period EMA is subtracted from the 55-period EMA; the result is plotted on the chart as a histogram
  7. The EMA of the difference obtained in step 6 is calculated and plotted on the chart
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Please Note: I provide the above MT4 indicator for free and I neither hold nor claim any copyright over the code. If this indicator is the result of your hard work and you would prefer it be removed from this site then please contact me via my contact page HERE and I will action your request.