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Billy Williams Awesome Oscillator

I have been doing some research and discovered this Awesome Oscillator indicator. It was developed by a Billy Williams. It is similar to the MACD, however, it calculates each bar based on the midpoint vrs the closing price as with the standard MACD. Does Stockcharts have this indicator or can it be calculated ?
Thanks

Comments

  • markdmarkd mod
    edited May 13
    Stockcharts doesn't have it. It seems to be mainly a forex tool. I would think if you use MACD with similar parameters, the signals would not be too different. Over time, the closes are going to approximate the midpoints pretty closely, I would think.

    I think for stocks, at least on the daily charts, MACD might perform a little better, mainly because there is so much volume determining the closing price that the close represents the day's trading pretty well. Intraday, or with forex, where there is no market close, the closing price is more or less just another price arbitrarily selected by the clock, so it might make sense to use the average price as more representative of the price action than the close.
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