- Indication - option to show whether the price input option is above or below the Daily (red triangles = price input is below , green triangles = price input is above )
- and phases from shayankm's Waddah Attar Explosion V2 (https://www.tradingview.com/script/d9Ijc...) is included as indication dots ( = blue dots, = yellow dots) below/above the Derivative Oscillator histogram
- Coral Trend from Lazybear (https://www.tradingview.com/script/qyUwc...) is included as indication dots (red/green dots below/above the Derivative Oscillator histogram
- Input source options for , Waddah components ( , Upper/Lower)
- Centerline option for Coral trend, and Horizontal center option for the Derivative Oscillator with circle indication (optional - provided as option for flexibility in use with overlaying with other indicators)
This indicator is a hybrid, with a combination of leading indicators and lagging trending indicators combined into one. Specifically, a few of the other indicators I use are lacking in the momentum and trend department, and this is one of the indicators I use to address that:
provides trend information on lower timeframes from a high timeframe interval (D)
Coral Trend provides additional confirmation to trend wise, and is adjustable
Waddah Attar Explosion provides a third level of confirmation for trending moves, taking into account shorter and longer timeframes (FastEMA and SlowEMA parameters).
Script base for the Derivative Oscillator is credited to Everget (https://www.tradingview.com/script/b1qim...) and LazyBear (https://www.tradingview.com/script/6wfwJ...).
Source attribution to Constance Brown for the Derivative Oscillator formula/indicator:
// Brown, Constance.
// Reference 1: “The Derivative Oscillator: a New Approach to an Old Problem,” Journal of (Winter-Spring 1994) 45–61.
// Reference 2: for the Trading Professional. New York, NY: McGraw-Hill, 1999.
Information on the Derivative Oscillator:
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.