The Aroon Oscillator is a derivative of the Aroon indicator that provides a different way to view the results. It is constructed by subtracting Aroon Down from Aroon Up. The Aroon Oscillator oscillates between -100 and +100 with zero as the center line.
The Aroon Oscillator provides the following signals:
- Above zero signals an uptrend.
- Below zero indicates a downtrend.
Configuration Options
- Field: Price or combination of prices to use as the base for average calculations. Possible values include:
- Open
- High
- Low
- Close
- Adjusted Close
- HL/2 ( left ( frac{High + Low}{2} right ) )
- HLC/3 ( left ( frac{High + Low + Close}{3} right ) )
- HLCC/4 ( left ( frac{High + Low + Close + Close}{4} right ) )
- OHLC/4 ( left ( frac{Open + High + Low + Close}{4} right ) )
- Color Selectors: Colors to use for graph elements.
- Display Axis Label: Whether to display the most recent value on the Y axis.
Formula
[Aroon;Osc = Aroon;Up – Aroon;Down]
The formula uses the following equations, where n is the number of days:
[ Aroon;Up = frac{100 * (n – (Days;Since;n-day;High))}{n} ]
[ Aroon;Down = frac{100 * (n – (Days;Since;n-day;Low))}{n} ]
Aroon Down = 100 x (n – Days Since n-day Low)/n