Awesome Oscillator Saucers

Awesome Oscillator is the difference between a 5-period and a 34-period simple moving average of the bar's median price, coloured bar by bar depending on whether it rose or fell from the previous bar. The Saucer is one of Bill Williams' original AO signals and it is a continuation pattern, not a reversal one: it fires while all three bars stay on the same side of the zero line, so it reads as a brief pause inside a move rather than a change of direction. A bullish saucer is three bars above zero where the middle bar dips (turns red) and the newest bar turns back up (green); a bearish saucer is the same shape flipped below zero. The histogram and the saucer test are both computed from one shared internal buffer of raw AO values, calculated directly from median price sums rather than by nesting two separate moving-average indicator calls. That keeps the colouring and the pattern test reading identical numbers, so there is no risk of the arrow and the bar colour disagreeing about what the oscillator actually did on a given bar. Notes and limitations - A saucer needs three fully closed bars to confirm, so it is always reported on the newest closed bar at the earliest - it identifies a pattern that has just completed, not one still forming. - This is the classic three-bar Saucer only. Williams also described other AO signals (the Twin Peaks and the zero-line cross); this indicator does not attempt those, to keep the one pattern it does mark unambiguous. - A signal firing does not imply the move continues - like any single oscillator pattern, it says what the last three bars did, not what the next one will.

Indicator · MT4 · v1.0 · Free

Tags: Moving Average · Oscillator · Buy/Sell Arrows · Alerts · MT4 Indicator · MQL4 Source Code

MetaTrader 4 & 5 indicators · PolyMaria