Aroon (Any Source)

Aroon (Any Source)

Overview

This indicator is an enhanced version of the classic Aroon Oscillator. It measures trend dominance based on the recency of highs and lows, with added flexibility to operate on any chosen source series and an optional price-scaling mechanism based on VWAP distance.

What the Indicator Does

The Aroon Oscillator compares how recently the most recent high and low occurred within a lookback window. The result is a bounded oscillator that indicates whether buyers or sellers are currently dominant.

This version adds: - Ability to run Aroon on any source - Optional smoothing to reduce noise - Optional VWAP-based price scaling

Core Outputs

• Aroon Up (0–100): Strength of recent highs

• Aroon Down (0–100): Strength of recent lows

• Aroon Oscillator (−100 to +100): Net dominance (Up − Down)

Inputs and Options

• Source: Input series used for calculations

• Aroon Length: Lookback window

• Use Source for High/Low: Enables Aroon-like mode on any series

• Show Oscillator: Toggles oscillator plot

• Show Aroon Up/Down: Toggles component lines

• Smooth Oscillator: Light smoothing (EMA/RMA/SMA)

• VWAP Price Scaling: Scales signal by VWAP distance normalized by ATR

How to Use It

Use the oscillator as a trend regime filter. Positive values indicate bullish dominance; negative values indicate bearish dominance. VWAP scaling helps suppress signals near equilibrium and emphasize extended moves.

Practical Notes

• Measures recency, not magnitude

• Best used as a regime or bias input

• Especially effective intraday with VWAP scaling