The Oximeter (VOXI) is a technical indicator that gauges the amount of currently present in the market, relative to the historical that was present before. The purpose of this indicator is to filter out with-trend signals during ranging/non-trending conditions.
This indicator assumes that trends are more likely to start during periods of high , compared to during periods of low . This is because high indicates that there are bigger players currently in the market, which is necessary to begin a sustained trending move.
So, to determine whether the current is "high", it is compared to an average for however number of candles back the user specifies.
If the current is greater than the average , it is reasonable to assume we are in a high period. Thus, this is the ideal time to enter a trending trade due to the assumption that trends are more likely to start during these high periods.
The default values in the indicator are designed for use on the but can be applied to any timeframe.
The default lookback period is 259 since there are usually 259 daily candles in a year on Forex . This means that the average will represent the average over the past year. This would be 365 on Crypto , since the Crypto is open 24/7 instead of 24/5). This is what the current will be compared to.
The default smoothing lookback period is 10, but this can be adjusted depending on the indicator that's giving you your with-trend signals. After my backtesting, 10 was the best value for my with-trend indicator, so you should do your own testing to see which value works best with your with-trend indicator.
HOW DO I READ THIS INDICATOR?
If the VOXI line is above or equal to zero (indicated by the blue color), the current is greater than the historical average .
This is a good time to take with-trend signals since high is necessary for sustained trending moves to begin.
If the VOXI line is below zero (indicated by the red color), the current is less than the historical average .
This is a good time to ignore with-trend signals since an absence of indicates that there aren't big market participants to participate in a new trending move.
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