Klinger Oscillator: Signed Turnover EMAs and Signal Line

Summary

The document outlines the construction of the Klinger Oscillator, a volume-oriented technical indicator attributed to Stephen Klinger. It first calculates typical price from the high, low, and close. Turnover is then assigned a positive or negative sign according to whether the current typical price is above or below the previous bar's average typical price.

The signed turnover series is smoothed with 34-period and 55-period exponential moving averages. Their difference forms the plotted histogram, and an additional EMA of that difference is plotted as a signal line. This is a calculation recipe, not a trading strategy: the text does not define entry or exit rules, discuss parameter selection, or provide performance evidence. It also gives no guidance on interpreting crossovers or how the indicator behaves across assets, timeframes, and data sources, so these details require separate validation before practical use.

Key ideas

• The indicator signs turnover according to the change in typical price relative to its prior average.
• It smooths the signed turnover series with 34-period and 55-period exponential moving averages.
• The difference between those averages is plotted as the oscillator histogram.
• An EMA of the histogram difference serves as a signal line.
• The document provides no trading rules or evidence of performance.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.