The forecast oscillator is developed by by Tushar Chande and is an extension of the Time Frame Forecast method.
The formula is:
Forecast Oscillator = Price - Previous Time Series Forecast / Price * 100
Interpretation:
The positive value of the indicator forecasts higher prices. The negative value forecasts the lower prices. Chande also recommends to user 3-day smoothing line as a trigger. When the oscillator falls below or crosses above the trigger line it shows a change of the trend.
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The indicator was revised and updated