Super Oscillator - Monastrell [hamgkia]

4月15日

The Monastrell tool is an oscillator designed designed to track directional price movement adjusted by volume and normalized by volatility. It dynamically calculates overbought and oversold thresholds using percentiles and adapts to market conditions through trend bias and threshold smoothing.

Built with a layered, modular logic structure, the Monastrell Oscillator offers powerful analytical capabilities for both discretionary and algorithmic traders.

🔶 WHAT'S INCLUDED

• Oscillator based on smoothed price change enhanced by a volume deviation factor.
  
• Normalization through ATR to adapt readings across assets and timeframes.
  
• Trend bias factor adjusts oscillator vertically depending on short- vs long-term EMA drift.
  
• Overbought/Oversold zones determined by interpolation and smoothed via EMA.
  
• Color-coded oscillator line indicating current state: green (above upper), red (below lower), gray (neutral).
  
• Optional signal labels at key threshold crossings.
  
• Optional informational label displaying live oscillator value, thresholds, and signal confidence.
  
• Signal strength score based on distance to thresholds and threshold positioning.
  
• Built-in alert conditions for 4 types of transitions.
  

🔷 HOW IT WORKS

Oscillator

The oscillator measures the smoothed difference between current and previous close prices, then scales this by the relative increase or decrease in volume compared to its average. This gives more weight to moves backed by participation.

Normalization

The result is normalized using ATR, turning the oscillator into a scale-independent metric. Then, trend bias is applied — calculated by comparing short- and long-term EMA slopes — shifting the oscillator up or down during trending environments.

Thresholds

Dynamic threshold levels are not static: they are calculated using percentile ranges over the lookback window. This ensures overbought and oversold zones reflect current volatility and price dynamics, rather than using fixed bands.

Signal Strength

Each bar is evaluated in relation to these adaptive thresholds, triggering label plots and alerts if conditions are met. In addition, the oscillator computes a real-time signal strength value that evaluates how actionable a signal is based on multiple internal metrics.

Labels

Stop SELL (L1) — Crossing above the oversold zone.
Stop BUY (L1) — Crossing below the overbought zone.
BUY and TP (L2) — Re-entering from below oversold.
SELL and TP (L2) — Re-entering from above overbought.

These label events are also available as alert conditions.

A dynamic scoring system rates the quality of the current signal based on:

• Distance from the nearest threshold.
  
• Width of the threshold channel.
  
• Offset of thresholds relative to neutral zero level.
  

This produces a signal strength value categorized as:

💭 Weak
🔆 Average
🚀 Strong

If information label is enabled, the score and structure are displayed as a floating label on the chart.

🔶 USAGE

New signals appears when Oscillator crossing overbought/oversold zones.
L1 signals gives you advise what NOT TO DO.
L2 signals gives you advise what TO DO.

If you draw channels using my hint - you will have a very good SL level and potential TP1 level:


The indicator showed impressive results on the emulator in two formats:
1. With trailing stops.
2. With preset TP/SL, as I drew on the chart.

Tips

If the upper/lower threshold band is far from zero (> 0.3 & < -0.3), it often indicates trend exhaustion.

You can adjust Trend Bias Influence to control how sensitive the oscillator is to trend direction.

Use Signal Strength for confidence scoring or to gate trades in automation.

Draw channels, this will help to set SL and TP.

Fix profits before the trend reverses and drags you into minus, this indicator is more suitable for trades with clear ranges.

4月17日

リリースノート

fix label conditions error

10月31日

リリースノート

remove