This is a normalised version of the Lazy Bear EWO_. The normalisation makes it easier to read especially with cryptos, where there are fast and big price changes which make most of indicators impossible to read over a long span. The normalisation also highlights divergences which couldn't be spot before.
study(title = "Elliot Wave Oscillator ", shorttitle="EWO_LB")
s2=ema(close, 5) - ema(close, 35)
c_color=s2 <= 0 ? red : lime
plot(s2, color=c_color, style=histogram, linewidth=2)