This indicator calculates a modified MACD oscillator and signal line alongside a trend EMA filter, plotting the output as a stylized column histogram in a separate pane. Instead of plotting true MACD distance, it quantifies positive and negative histogram mome
Indicator · Pine Script v4 · Own pane
Derivative Oscillator
The Derivative Oscillator calculates a double-exponentially smoothed Relative Strength Index (RSI) and subtracts its Simple Moving Average (SMA) to form the main oscillator line.
GitHub stars948on the repository
Pine versionv4older, still runs
Lines of code19
Settings6inputs
LicenceGPL-3.0
Last update10 days ago18 Oct 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
19 lines of Pine Script v4 from oscillators/derivative_oscillator.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=4
// Copyright (c) 2018-present, Alex Orekhov (everget)
// Derivative Oscillator script may be freely distributed under the terms of GPL-3.0 license.
study("Derivative Oscillator", shorttitle="DOSC")
rsiLength = input(title="RSI Length", type=input.integer, defval=14)
ema1Length = input(title="1st EMA Smoothing Length", type=input.integer, defval=5)
ema2Length = input(title="2nd EMA Smoothing Length", type=input.integer, defval=3)
smaLength = input(title="3rd SMA Smoothing Length", type=input.integer, defval=9)
signalLength = input(title="Signal Length", type=input.integer, defval=9)
src = input(title="Source", type=input.source, defval=close)
smoothedRSI = ema(ema(rsi(src, rsiLength), ema1Length), ema2Length)
dosc = smoothedRSI - sma(smoothedRSI, smaLength)
signal = sma(dosc, signalLength)
doscColor = dosc >= 0 ? dosc[1] < dosc ? #26A69A : #B2DFDB : dosc[1] < dosc ? #FFCDD2 : #EF5350
plot(dosc, title="DOSC", style=plot.style_columns, linewidth=2, color=doscColor, transp=0)
plot(signal, title="Signal", linewidth=2, color=color.black, transp=0)
Overview
A secondary signal line is plotted using an SMA of the main oscillator values. The script draws a colored histogram in a separate pane, where bar colors shift depending on whether momentum is accelerating above or below the zero center line. Users can adjust the RSI calculation period, both EMA smoothing lengths, the oscillator SMA length, signal length, and input source.
- Double-smoothed RSI calculation
- Histogram visualization with directional dynamic coloring
- SMA-based signal line trigger
Details
Published by
everget on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Oscillators & momentum, Moving averages
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Repository
Topics
pinepinescripttechnical-indicatorsindicatorsoscillatorbandsaveragetradingviewindicatormoving-average
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| RSI Length | int | 14 | rsiLength |
| 1st EMA Smoothing Length | int | 5 | ema1Length |
| 2nd EMA Smoothing Length | int | 3 | ema2Length |
| 3rd SMA Smoothing Length | int | 9 | smaLength |
| Signal Length | int | 9 | signalLength |
| Source | source | close | src |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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