Comparing Normalized Oscillators with a Spider Chart
Summary
This indicator presents several normalized oscillators together in a spider chart overlaid on the price chart. Available spokes include RSI, Stochastic %K, correlation, MFI, Williams %R, percentage of upward price changes, CMO, and an Aroon-based oscillator. Users can toggle individual spokes and either set lookback lengths separately or apply a shared length. The display includes a midpoint reference, a color scale, and a meter based on the mean of the selected oscillator values.
The chart is intended to help compare indicator readings at a glance, including broad directional sentiment and possible overbought or oversold conditions. The accompanying explanation says readings near the midpoint may suggest a ranging market, but it offers no validation or trading results. Normalization does not make the oscillators independent or guarantee that their average is predictive; the visualization is best treated as a compact descriptive aid whose interpretation depends on the selected indicators and settings.
Key ideas
- The display places readings from up to eight oscillators on a shared spider chart.
- Each oscillator can be enabled or hidden, with individual or shared lookback lengths.
- A mean of the selected values supplies the overall sentiment meter.
- The midpoint and color scale help compare readings, but the tool does not provide validated trading signals.
- Similar or correlated oscillator inputs may make the combined meter less informative than its visual breadth suggests.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.