Oscillator down to 5% level. Decision = buy. Market continues lower. Oscillator down to 3% level. Decision = buy more. Market goes down even more. Oscillator down to 1% level = buy yet more. Now market really tanks and equity is wiped out. Oscillator to 95% level. Decision = short. Market continues higher. Oscillator to 98% level. Decision = short more. Market melts up yet higher. Oscillator to 99.9% level. Decision = short the fcuk out of the market. Market goes limit up and all equity is wiped out.
http://www.tek.com/oscilloscope/dpo-dsa-mso70000 They make some pretty good ones, but they are pricey. The DSA73304D will pretty much cover all needs.
Not all oscillators and technical indicators are useless, some of them are helpful as long as you know their limitations. The general rule for oscillators is they work well in a ranging market, but not in a trending market. Only problem is to know when the range ends and the trend starts. IMO in todays markets you'll get further with statistics and math than with the traditional technical indicators like MACD, RSI and so on. Read up on books by Hull, Natenberg and Taleb, you will get a long, LONG way with reading the books they have written.
Statistics! Lol. Books! Lol. What da hell are these things?! Should I use them to trade equities? Someone please tell me.