The 5–35 oscillator is a
momentum indicator that is derived by calculating the difference between the
value of the 5 period moving average and 35 period moving average. The red
histogram on the bottom portion of the chart shown below is a 5-35 oscillator.
In this example, the 5 day simple moving average (SMA) of the SPX index is shown on the chart in black, and the 35 day
SMA is shown in dark blue. You can see how the value of the 5-35 oscillator/histogram tracks
the difference between these two moving averages. Sometimes analysts will
describe the 5-35 oscillator as buying or selling "pressure" on a stock or index.
When the histogram is above zero there is positive buying pressure, and when the
histogram is below zero there is negative selling pressure.