Candlestick Oscillator is a truly unique Oscillator that uses the concepts of within candlestick trading called the Record Session High. This is a method of analysing candlesticks to gauge when a trend might be wearing out and therefore ready for reversal or pause. We call it a record session high when we get 8 or more previous candles that have higher closes. We call it a record session low when we get 8 or more previous candles that have lower closes.

We don't rely on the typical Oscillation Indicators for recognising overbought or oversold but more we look at the actual price and using the higher high or lower low candles to count when a possible reversal or pause might occur. This is usually when we get to and past the 8th record session high. As far as I see this is a unique way of looking at the price and its inevitable oscillation movement.

This has been taken from the main part of the record session high trader indicator and made to be used as a simple oscillator.

I've made it alert when we get to the 8th record session high or low indicating the trend might either pause or reverse.

This is not a stand-alone Indicator and should be used alongside other trading systems.

Features

• A unique way of recognising when a trend is wearing out and ready for either reversal or pause.
• A way of gauging when the market is in a nonvolatile or volatile state.
• Choose when you want your record session high to start and when you want it to reset the count.
• Choose your favourite arrow color.
• Send alerts to either your PC, eMail or mobile device.
• Works on any timeframe.

Settings :

Record Session High Count

• Record Session High Start Count - Here we set when we want the record session high count to start. Recommended settings are between 8th and 10th record session high.
• Record Session High End Count - Here we set when we want the record session high count to end. Recommended settings are between 11th and 12th record session high.
• Record Session High Count Reset - Here we set when we want the record session high count to be reset back to 1 for a new count.

Signal Color Setting s

• RSH Color - Sets the color of the RSH line
• RSL Color - Sets the color of the RSL line
• RSL Max Color - Sets the color of the RSH max line
• RSL Min Color - Sets the color of the RSL max line

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