Bill Williams’s Awesome Oscillator Technical Indicator (AO) is a 34-period simple moving average, plotted through the bars midpoints (H+L)/2, which is subtracted from the 5-period simple moving average, built across the bars midpoints (H+L)/2. It shows us quite clearly what’s happening to the market driving force at the present moment.
This version:
It is using volume weighted moving average instead of using SMA (Simple Moving Average). That way it becomes more responsive to volume (volatility) changes during the day.
Usage:
You can use color changes (mainly on zero cross) for trend change signals.
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