A very effective way to determine whether a market is overbought or oversold is to use an Oscillator indicator. These indicators can show us when a market has become extreme (gone too far in one direction). When this happens, the market may generally correct itself by pausing and going sideways, or going in the opposite direction of its existing trend.

The "Oscillator-PRO" has 2 "mid lines" (high and low) , along with the traditional Overbought/Oversold lines, and displays a much smoother line than traditional oscillators.

With adjustable input parameters this indicator can be used to trade any symbol or chart by itself or in conjunction with other indicators such as our "Trend Strength Identifier" which can determine if a market is currently in a strong trend or sideways.