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 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.