Developed by Tushar Chande, the Forecast Oscillator is an extension of the linear regression based indicators. It is a percentage comparison of the price of an issue and the price as indicated by the Time Series Forecast Oscillator.
The oscillator is above zero when the forecast price is greater than the actual price. Conversely, it's less than zero if its below. When the forecast price and the actual price are the same the oscillator would plot as zero.
Prices that are persistently below the forecast price suggest lower prices ahead. Actual prices that are persistently above the forecast price suggest higher prices ahead.
Calculation:
PrevTSF = The previous value of Time Series Forecast indicator
Inputs:
Price Field = Close
Indicates Open, High, Low or Closing price.
Period = 14
Indicates time period(the number of days for daily analysis, the number of weeks for weekly analysis, etc.).
Indicator Type: Trend