This Indicator has to be used as a censorship as under:
Do not go long (STRICTLY) when the following is observed: (ie, either go short if any other indicator supports or do nothing)
a) If the histogram is lower than the previous histogram; in other words sloping downwards.
Do not go short (STRICTLY) when the following is observed: (ie, either go long if any other indicator supports or do nothing)
a) If the histogram is higher than the previous histogram; in other words sloping upwards.
This can be used for intraday / swing / positional.
The histogram are constructed from combination of floor pivots. The histogram are different from Pivot based oscillators.
For intraday, select Daily from the parameters and use chart timeframe less than 15 min preferably. For swing, select Weekly from the parameters and use chart timeframe more than 15 min preferably but less than daily charts. For positional, select Monthly from the parameters and use daily time frame charts.
It is an effective indicator that potentially prevents you from taking wrong trades.
The computation mechanism of the indicator is confidential as it is proprietary.
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Weekly and monthly is also added in updated version. Options given to select period lengths.
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Minor tweeks in buy and sell signals. buy when close > open sells when close < open along with other conditions.