http://www.alpari-forex.com/en/chaos/ao.html

Awesome Oscillator - AO

Awesome Oscillator — AO determines market momentum (the second of five market dimensions) at a given time on the last 5 bars,comparing them to the momentum on the last 34 bars. Awesome Oscillator is simply the difference between the 34-period and 5-period simple moving averages of the bar's midpoints (H+L)/2. Awesome Oscillator (AO) is displayed on the chart as a histogram (pic.1). In order to add Awesome Oscillator in MetaTrader 4 use the “Insert -> Indicators -> Bill Williams – Awesome Oscillator” menu sequence.
Picture 1. How to apply the Awesome Oscillator) to specify the moving force of the market.
In MetaTrader 4 each histogram bar which is higher than the preceding one is green, each histogram bar which is lower than the preceding one is red. Awesome Oscillator generates three buy signals and three sell signals, but we do not use them until the first fractal buy or sell signal is triggered outside the Alligator's mouth.