In "Trader's Tips", author John Ehlers presents an approach for filtering out extreme price and volume data that can throw off typical averaging calculations. Ehlers goes on to present a novel oscillator using this technique, comparing its response to the well-known RSI.

He notes that by being able to smooth the data with the least amount of lag, the recursive median oscillator may give the trader a better view of the bigger picture.

The following properties are available to access:

The lengths of the indicator's moving averages can be changed by locating and opening the Javascript Code under Data Building Procedure -> Procedure Loop under "Recursive Median" Procedure Loop.

Example:

This indicator can be used to enter a trade when the value rises above zero:

 chart.at01hs.recursiveMedian.value > 0 && chart.at01hs.recursiveMedian.previous.value <= 0