I have found the interesting application of several SMA's into an oscillator.
It's called 3/10 oscillator and I think LBR (Linda Raschke?) came up with it.
I'm trying to get one like the guy from this post is using (http://www.netpicks.com/310-oscillator-macd/ ) - shown in the chart in his paragraph labeled "3/10 OSCILLATOR SETUP" - at the bottom of the chart.
I am aware that one could modify MACD to just change number of periods but it doesn't work for me visually and it's way more distracting. I like that in his version he just has 2 curves (one being difference between SMA's of 3 and 10 periods and the second - 16-period SMA) and 0 line. I am especially keen on the idea of the first line (which I think plots the difference between 3 and 10 period SMA) being color-coded and actively changing from green to red (and vice versa). I think green color means that the positive difference is rising and the red that the difference is dropping. I'd like to get something like this added to my NT8 chart.
Again, there are some versions for NT7 but nothing for NT8 (seems to be common theme, I guess having to do with NT7 being around the block much longer).
AFAIK, there is no good way to convert an indicator from NT7 to NT8 safely.
Where can I find such 3/10 oscillator with colored lines for NT8?
If there is none out there yet, how to go about coding it (assume zero experience with ninja script)?
Thanks in advance for replies.
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