A momentum oscillator based on z-score of logarithmic returns by default, but can be applied to a mean of returns or price as well.
When applied to logarithmic returns, price, or mean of returns, it takes a series of z-score values, and applies a smoothing filter to attempt and filter out noise to derive a trend or momentum signal. Since volatility in my previous indicators is estimated using standard deviation of log returns, this can be considered a momentum oscillator based on volatility when sourced to logarithmic returns. The oscillator will change colors based on the trend, as well as crossing above below the 0 line.
Coloring: Green and above 0, or Dark red when below 0 = Price increasing Dark green and above 0, Red when below 0 = Price decreasing
This script is published closed-source and you may privately use it freely.
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