Followup ElliottWaveOscillator: Breakout Bands added

As a followup from last weeks posting the ElliottWaveOscillator is extended with Breakout Bands (only in standard mode) such as eSignals AdvancedGetOscillator. Tribute goes to Richard Houser from the TOS_thinkscript group for providing the ported thinkscript code.

ElliottWaveOscillator revisited

[UPDATE: EWACS added. See end of posting]

On the board Pretzel Logic's offers for its members some amazing people are gathered. One of them (to say the least) makes great calls and often posts charts to outline them. On no few occasions the GET Oscillator is depicted on his charts (see example). So I figured: let's revisit the ElliottWaveOscillator.

On most platforms the Elliott Wave Oscillator is the difference between a 5-period simple moving average and a 35-period simple moving average. Some platforms use the Fibonacci number 34 instead of 35. The indicator is then depicted below the pricechart as a histogram that oscillates above/below a zero line.

Most tops or bottoms show a divergence between price and the oscillator. A higher price is accompanied by a lower spread in the oscillator, while a lower low in price goes along with a higher low on the oscillator. This signal is especially reliable after the oscillator has pulled back to the zeroline or did cross that line in some extend to the opposite direction as a sign of a countertrend and then turns back in the direction of the larger trend while building the aforementioned divergence.