Ergodic Oscillator MDI
The “Ergodic Oscillator MDI” possibly combines the Ergodic Oscillator with the Market Direction Index (MDI). Developing an AFL script for this concept might involve integrating Ergodic Oscillator calculations with the MDI formula, creating a hybrid indicator that emphasizes both oscillator behavior and market direction.
/_SECTION_BEGIN("Ergodic Oscillator");
//
// Ergodic Oscillator uses a double-smoothed ratio of the difference between
// the Close and Open prices and the difference between High and Low. The
// default periods of average1 is between 11 and 32 and the default of
// average2 ranges between 4 and 13, which can be varied by right clicking the
// Param function.
//
//------------------------------------------------------------------------------
/*Ergodic Oscillator */
/*Coded by Prakash Shenoi */
x=Param(" Average 1",11,2,32);
y=Param(" Average 2",4,3,12);
erg=(EMA(EMA(C-O,x),y)/EMA(EMA(H-L,x),y))*100;
Sg=EMA(erg,5);
Plot (erg,"Ergodic Oscillator ",colorWhite,styleLine);
Plot (Sg,"Signal",colorRed,styleLine,1);
GraphXSpace=3;
_SECTION_END();