Aroon oscillator – dynamic zones (levels) – indicator for MetaTrader 5
Aroon oscillator is usually not associated with to much flexibility. It is its nature.
This version is breaking that. Instead of using fixed levels to find out trends / overbought / oversold conditions, this version is introducing dynamic levels in order to change that rigidness. Levels are calculated using quantile bands (some more information on quantile calculation can be found here: https://en.wikipedia.org/wiki/Quantile) and that changes the way how Aroon oscillator behaves significantly.
Entries (and exists) are signaled much faster and, with some parameters experimenting, it can be fine tuned to work in a ways that Aroon oscillator never could be used.
Indicator can use any price combination(s) for calculation (original Aroon oscillator could use only high an low), is multi time frame and already has all the usual alerts built in