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The "awesome" oscillator is already from Bill Williams and is part of his Alligator trading system. It is a momentum indicator, which is represented as a histogram. The entry signals for histograms are also from Bill Williams. A 34-bar MA is calculated on the midpoint of the respective bars, i.e. (H - L) / 2, and the values are subtracted from a 5–bar MA, which is also calculated on the midpoint.
The result is presented as a histogram, the movements require specific rules of interpretation, which are explained in the two links above. The Awesome oscillator reacts quite quickly and is therefore well suited for short-term trading. He contrasts the current movements with the slightly longer ones.