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some oscillators come with a formula (e.g. the Rainbow osc) & some don't. I was wondering if there is a formula for the Forecast oscillator, so one can look at it on chart. the MS manual devotes one line to it: "forecastosc(14)" which can be used in exploration where it doesn't do a lot of good actually. but one would like to know what it is made of.
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Rank: Advanced Member
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Joined: 4/18/2007(UTC)
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Location: sydney australia
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maybe I am being unkind. MS does mention it on p243 & p317, as well as p432 which I was looking at when I posted.
but how is one supposed to make use of an instruction like: "when the oscillator crosses below the trigger-line etc." if one cannot chuck these lines onto a chart? Forecast Oscillator does not appear in the Indicator-builder.
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Amory, MS Help wrote:The Forecast Oscillator is an extension of the linear regression based indicators made popular by Tushar Chande. The Forecast Oscillator plots the percentage difference between the forecast price (generated by an x-period linear regression line) and the actual price. The oscillator is above zero when the forecast price is greater than the actual price. Conversely, it's less than zero if its below. In the rare case when the forecast price and the actual price are the same, the oscillator would plot zero. Give or take some precision error in the MS Formula Language, the forecast oscillator can be approximated as: Code:
prd:=14;
data:= CLOSE;
fosc:=100 * (1 - Ref(LinearReg(data, prd),-1) / data);
{plot/return}
fosc;
amory wrote:Forecast Oscillator does not appear in the Indicator-builder.
Its in the Indicator Quicklist as an uneditable built-in function. Hope this helps. wabbit [:D]
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Rank: Advanced Member
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Joined: 4/18/2007(UTC)
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Location: sydney australia
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Thank you Wabbit for clearing that one up. I gave up on it when I couldn't find it in the Builder. your formula is exactly like the one they are using. Anyway, now it's not uneditable any more! one might have to explore its possibilities.
I tried various combinations & found the 21-day with 3-day signal-line to be about the best. as it stands, it's probably not one of the most important indicators.
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