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Note: This download requires NinjaTrader 8 release 8.1.3 or newer.

Introduction to Ergodic Oscillator

The Ergodic Oscillator, a technical analysis tool for NinjaTrader, is designed to identify market trends, momentum, and potential reversals. Developed by William Blau, it builds upon the concept of the True Strength Index (TSI), which measures the strength of a trend by comparing price changes. The Ergodic Oscillator enhances TSI by smoothing price data and incorporating multiple periods, reducing noise and providing clearer signals. This makes it potentially effective for traders seeking to identify optimal entry and exit points in various market conditions. This indicator also includes a fully-fledged divergence algorithm that is operated in both historical and real-time.

Advanced Features of Our Modified Ergodic Oscillator

1. Custom Data Source: Users can select from various data inputs, enhancing flexibility beyond just closing prices.
2. Internal Averaging Methods:
   • The indicator supports multiple averaging methods, including Exponential, Simple, Hull, Weighted, VWMA, TMA, TEMA, and Wilders, allowing traders to customize the smoothing process to fit different market conditions.
   • Averaging method for the main curve and the signal line are independent.
3. Customizable Periods:  The indicator allows users to adjust the long period, short period, and signal period, tailoring the indicator to specific trading strategies and timeframes.
4. Automatic Trend Display: It features an automatic trend display option, providing clear visual signals of market direction upon request.
5. Dynamic Display: The indicator both the True Strength Index and the Ergodic histogram. The user has the choice to disable any of the displays.

6. Divergence Detection Features

   The Elliot Oscillator indicator includes an advanced divergence detection algorithm. Divergence occurs when the indicator moves in the opposite direction of the price, signaling potential reversals. This indicator uses the histogram method to detect divergence across up and down cycles by converting the RSI into a histogram of positive and negative values.

   Additional divergence detection features include:

   • Strict Divergence: Ensures divergence is only validated if the line connecting the chart bar tips does not intersect other bars within the analyzed range.
   • Number of Sets: Allows for historical data analysis depth, with higher values broadening the analysis to include more historical transitions.

Review the screenshots for setup options.

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