Most oscillators give you a crossover and nothing else. You still have to decide whether the signal agrees with the trend, whether volume is behind it, and — the part most traders skip — at what price the setup has failed. Twin Peaks Oscillator answers all three on the chart.

Twin Peaks Oscillator combines a noise-filtered momentum oscillator, dotted invalidation levels projected from every signal, and a volume-weighted VIDYA trend ribbon with a Delta Volume reading. A signal only becomes a qualified setup when all three agree. This guide explains how each piece works, how to get access on TradingView, and how traders put it to work.

What the Indicator Does

Every trade idea needs answers to three questions. Twin Peaks Oscillator assigns one component to each:

One indicator, two panes. The oscillator lives in its own pane below price; the ribbon, invalidation levels, and entry labels draw directly on your price chart. You add it once and get both.

How the Oscillator Works

The oscillator is built in three steps:

1. Measure deviation. How far price has stretched from its own moving average over the Deviation Length.
2. Normalize it. That deviation is scaled against its own recent volatility, so a reading of +1.0 means the same thing on MNQ as it does on Bitcoin or Apple — on any timeframe.
3. Two-pole filter it. The normalized series is smoothed with a two-pole filter (2-pole Butterworth by default, or a cascaded dual-pole exponential smoother). Two-pole filtering strips far more bar-to-bar noise than a single moving average for similar lag — which is what keeps the oscillator's turns clean instead of jittery.

The signal line is a lagged copy of the oscillator (4 bars by default). When the oscillator crosses its signal line, momentum has turned.

Reading the colors

Blue — oscillator above its signal line. Bullish momentum.

Purple — oscillator below its signal line. Bearish momentum.

Thin light-blue line — the signal line (can be hidden).

Reading the scale

Signals and Invalidation Levels

A buy signal (blue triangle) prints when the oscillator crosses above its signal line. A sell signal (purple triangle) prints when it crosses below. Full-size, full-color triangles are qualified setups that passed every filter; small, dimmed triangles are raw crossovers that didn't. You can hide the dimmed ones.

The invalidation level

Every signal projects a dotted line onto the price chart:

• Buy signals — the level sits at the low of the signal candle. If price trades back down to it, the bullish idea has failed.
• Sell signals — the level sits at the high of the signal candle. If price trades back up to it, the bearish idea has failed.

The line extends forward bar by bar until one of four things happens: price hits it, an opposite signal appears, a newer same-side signal replaces it, or it reaches the maximum length (150 bars by default).

When price hits the level, a red ✕ prints at that price and the line stops. That setup is done — the ✕ is your visual record that the idea was wrong, and a matching small ✕ appears in the oscillator pane.

The VIDYA Trend Ribbon and Delta Volume

VIDYA — the Variable Index Dynamic Average — is a moving average that changes speed with the market. When price moves efficiently in one direction, it speeds up and tracks closely. When price chops sideways, it slows down and ignores the noise.

Twin Peaks uses a volume-weighted version: price moves on heavy volume count for more than moves on light volume, so the average responds to real participation rather than thin drift. The default length is 34.

The ribbon

ATR bands around the VIDYA form a trailing ribbon on your price chart:

Green — bullish trend. The trailing band sits below price and only ratchets up.

Red — bearish trend. The trailing band sits above price and only ratchets down.

The ribbon flips only when price closes through the trailing band — a deliberate choice so a single wick doesn't flip your trend read.

Delta Volume

Delta Volume compares volume on up-candles with volume on down-candles, from −100% (all selling) to +100% (all buying). It answers a simple question: is the money behind this move?

• Since Trend Start (default) — measures from the bar the ribbon last flipped. It tells you whether the current trend has been built on buying or selling.
• Rolling Window — measures over a fixed number of recent bars (34 by default). Steadier early in a new trend.

Qualified Setups and Entry Timing

A crossover becomes a qualified setup only when every filter agrees:

Every threshold is adjustable, and the trend and volume filters can each be switched off.

The entry delay

A qualified setup doesn't trigger immediately. The entry fires a set number of bars after the signal candle closes — 2 by default — giving the move time to prove itself:

If price hits the invalidation level or the oscillator crosses back before the trigger bar, the pending entry is cancelled and no alert fires. Set the delay to 0 to trigger on the signal bar itself.

Getting Access on TradingView

Twin Peaks Oscillator is an invite-only TradingView script. There's nothing to download or install — access is added directly to your TradingView account:

1. Purchase Twin Peaks Oscillator on PriceIsKing.com.
2. Send us your TradingView username (the name on your TradingView profile, not your email) through the contact form below.
3. Once access is granted, open any chart in TradingView and click Indicators.
4. Select Invite-only scripts, then click Twin Peaks Oscillator to add it.

Send Your TradingView Username →

Access works on TradingView desktop, web, and mobile, on any symbol and timeframe.

The Dashboard

A compact panel in the oscillator pane summarizes the current state at a glance:

• Trend — the VIDYA ribbon direction (Bullish / Bearish).
• Δ Volume — the current Delta Volume percentage, colored when it clears your threshold.
• Oscillator — the exact oscillator reading.
• Zone — Neutral, Overbought, Oversold, or Extreme.
• Last Event — the most recent setup and its status: Pending, Triggered, or Invalidated.

Move it to any corner, or hide it, from the Appearance settings.

Setting Up Alerts

Twin Peaks includes seven alert conditions:

To create one:

1. Click the Alert (clock) icon in TradingView, or press Alt + A.
2. Set Condition to Twin Peaks, then pick the alert from the list.
3. Set Trigger to Once Per Bar Close.
4. Choose your notifications (app, email, webhook) and click Create.

Full Settings Reference

How Traders Use Twin Peaks

These are illustrations of how the tool is commonly interpreted — not signals or recommendations. Always apply your own plan and risk management.

Pullbacks in a trend

With the defaults, qualified setups favor the trend: longs on a green ribbon, shorts on a red one. The oscillator times the end of the pullback, the ribbon confirms the bigger direction, and Delta Volume confirms buyers or sellers are still in control.

Turns from extremes

Tighten the levels to −0.5 / +0.5 and only turns from oversold or overbought qualify. Crossovers from beyond ±1.0 mark the most stretched conditions — exactly where the name comes from: momentum peaks, then turns.

The invalidation level as your stop reference

The dotted level is a ready-made, objective answer to "where is this wrong?" Many traders place their protective stop at or just beyond it, and size the position from the distance between entry and level.

Reading the ✕ marks

A cluster of ✕ marks against one direction tells you momentum signals are failing there — often a sign of a range or a stronger opposing trend. Treat repeated invalidations as information, not just losses.

Automating with webhooks

Use the Any alert() function call alert to push entries and invalidations — with the entry price and level in the message — to a webhook for journaling, notifications, or your own execution setup.

Tips and Best Practices

• Always alert on bar close. Crossovers can appear and disappear while a candle is still forming. Once Per Bar Close avoids alerts on signals that never finish.
• Give the ribbon history. The trailing bands need about 100 bars to initialize with default settings. On a fresh chart, scroll back or load more data.
• Hide what you don't use. Once you trust the filters, turn off unqualified signals and draw levels for qualified setups only for a cleaner chart.
• Match the filter to the timeframe. Faster charts often benefit from a shorter Filter Length; higher timeframes from a longer one. Change one setting at a time.
• Mind the delay. By the trigger bar, price may have moved away from the invalidation level. Check the entry-to-level distance before sizing.

Frequently Asked Questions

Does it repaint?

Signals are based on confirmed bar closes. While a bar is still forming, a crossover can appear and then disappear — that's normal for any close-based indicator. Once the bar closes, the signal is fixed. Use Once Per Bar Close for alerts.

Is this the Bill Williams "twin peaks" setup?

No. The classic twin peaks pattern uses two peaks on the Awesome Oscillator. Twin Peaks Oscillator is its own tool: a two-pole filtered momentum oscillator with invalidation levels and a volume-weighted trend filter.

Why don't I see the VIDYA ribbon?

The ribbon needs enough bars to build its ATR bands (about 100 by default). Scroll back or load more history. Also check that Show VIDYA Ribbon on Chart is on.

A setup qualified, but no entry alert fired. Why?

During the entry delay, either price hit the invalidation level or the oscillator crossed back. Both cancel the pending entry. The dashboard's Last Event shows what happened.

Why does Delta Volume say "(proxy)"?

The symbol has no volume data, so the indicator counts up-candles against down-candles instead. Consider turning off Require Delta Volume on those symbols.

Does it work on stocks, futures, crypto, and forex?

Yes — any symbol and timeframe on TradingView. The volume filter works best on markets with real volume data.

Can I see or edit the source code?

No. Twin Peaks Oscillator is a protected invite-only script. Every setting you need is adjustable from the indicator's settings window.

Does it place trades?

No. It's a charting and alerting indicator with no order-execution logic. Any trades are placed by you or by tools you connect to its alerts.

Risk disclaimer: Twin Peaks Oscillator is an analytical charting tool for TradingView. It is provided for informational and educational purposes only and does not constitute financial, investment, or trading advice, nor a recommendation to buy or sell any instrument. Trading futures, stocks, crypto, forex, and other leveraged products involves substantial risk of loss and is not suitable for every investor. No indicator predicts future price movement, and past performance is not indicative of future results. You are solely responsible for your own trading decisions and risk management. TradingView is a trademark of TradingView, Inc.; PriceIsKing.com is not affiliated with TradingView. PriceIsKing.com is a product of Vulture Data Solutions Inc.