The Detrended Price Oscillator attempts to filter out trend in order to focus on the underlying cycles of price movement. To accomplish this, the moving average (generally 14-period) becomes a straight line and price variation above and below the moving average becomes the Price Oscillator. The Detrended Price Oscillator technical indicator can show overbought or oversold levels and can also create buy and sell signals.

The chart of the S&P 500 E-mini Futures contract visually depicts the Detrended Price Oscillator: