OWL Indicator for TradingView

[Mario Kex]

If you are using TradingView you may like this indicator mimicking OWL that we can see in the trading room:
htps://www.tradingview.com/script/CX3485yY-OWL-Price-Oscillator/

It is based on their "Price oscillator" script, just the default lengths are changed and it draws it as a histogram chart with negative values red.
The indicator is open-source, free to use or modify.

[Mario Kex]

They unpublished the script, apparently because I didn't write a guide on how to use the indicator. 😕 I don't want to waste time explaining how to use this in trading (and this is what Real Traders Club is all about) so I am sharing the code directly here. It can be copy&pasted to TradingView's Pine Editor tab and added to a chart layout easily by clicking Add to chart.

I decided to call it "Oscillator-Based Wave Locator" to keep the original OWL abbreviation without using Trader's Coach's proprietary "Optimum Wave Locator" name.

It is based on generic "price oscillator" logic, just rendering it as red/green histogram and using 5 and 35 lengths and LOW as the price source by default (as described in McDowell's book Elliot Wave Techniques Simplified).

//@version=5
indicator(title="Oscillator-Based Wave Locator", shorttitle="OWL", format=format.price, precision=2, timeframe="", timeframe_gaps=true)
shortLen = input.int(5, "Short Length", minval=1)
longLen = input.int(35, "Long Length", minval=1)
src = input(low, title="Source")
avgType = input.string(title="Average", defval="SMA", options=["SMA", "EMA", "WMA", "RMA"])
avgFunc(source, length) =>
	switch avgType
		"SMA" => ta.sma(source, length)
		"EMA" => ta.ema(source, length)
		"WMA" => ta.wma(source, length)
		"RMA" => ta.rma(source, length)
short = avgFunc(src, shortLen)
long = avgFunc(src, longLen)
diff = (short - long)/long*100
col = diff>0 ? #009688 : #F44336
plot(diff, style=plot.style_columns, color=col, linewidth=5)

 

[Russell Doncouse]

Thanks!