Better Oscillator

1. What is Better Oscillator indicator?

The "Better Oscillator" indicator is a technical analysis tool designed to enhance the traditional ways traders analyze market trends and make decisions. 

Oscillators are a category of technical indicators that move (or oscillate) between two levels or over a central point. They are primarily used to identify overbought and oversold conditions in a market, momentum shifts, and potential reversal points. Common examples include the Relative Strength Index (RSI), Stochastic Oscillator, and MACD (Moving Average Convergence Divergence).

This indicator likely aims to improve upon the traditional oscillators by offering a more precise or clearer indication of market conditions, making it easier for traders to identify optimal entry and exit points. Enhancements could involve better filtering of market noise, more accurate detection of overbought and oversold conditions, or a novel approach to measuring momentum that differs from traditional methods.

Key characteristics of an improved oscillator might include:

1. **Enhanced Sensitivity**: To quickly react to market changes while minimizing false signals.

2. **Multi-Timeframe Analysis**: Capability to analyze and incorporate information from multiple timeframes for more robust signals.

3. **Adaptive Mechanisms**: Ability to adjust its parameters automatically based on current market conditions to remain effective across different market environments.

4. **User-Friendly Visualization**: Clear and intuitive visual cues on the chart to help traders easily interpret the signals. 

2. Indicator settings:

Please note that there are 2 parts to this product: Better Oscillator Pro and Better Oscillator Pro Panel. Please add them both from your Invite-only scripts.

%B period: the threshold that measures the symbol price in relation to its upper and lower Bollinger Bands

Tema average: the number of bars that is used in calculating TEMA

Standard deviation high/low: the number of standard deviation being used in calculating high/low Bollinger Bands

Standard deviation period: the number of bars being used in calculating standard deviations

Long/short sequence: toggle more granular display for entries/exits

ATR period for SL shift: the timeframe used to calculate the Average True Range for adjusting stop loss levels.

SL shift coefficient: a multiplier used with the ATR value to adjust stop loss levels according to market volatility.

TP coefficient (from SL): a multiplier determining the Take Profit level relative to the Stop Loss distance.

Various Color settings: customize these colors to differentiate between bullish/bearish patterns and arrows, and TP/SL.

Max bars back: the maximum count of past candlesticks considered by the indicator for its analysis.

3. Alert set-up:

To stay updated on potential trading opportunities, you can set up alerts within the Better Oscillator indicator settings.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters for buy and sell signals. The selected configurations will be used for notifications in Step 2.

Settings panel for Better Oscillator Pro indicator

Settings panel for Better Oscillator Pro Panel

Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's Alert icon. 

Step 3: Select Better Oscillator Pro from the “Condition” dropdown list

Step 4: A pop-up will appear as follows. Click on “Notifications”. 

Step 5: Choose the types of notifications you'd like to receive, and click the “Create” button.