The Awesome Oscillator measures the immediate momentum of the past 5 price bars compared to the momentum of the last 34 bars.
It is a 34-bar simple moving average of the bar's midpoints (H/L)/2 subtracted from a 5-bar simple moving average of the midpoints (H-L)/2, plotted in a histogram form.
The OA tells exactly what is happening with the current momentum.
Basically, it is a 34-bar simple moving average that is subtracted from a 5-bar simple moving average.
Awesome Oscillator Parameters
Parameters are selected on the Display window.