The Oscillator is 'short range' in that the timeframes used in the calculations are all less than 30 trading days, with a stronger emphasis on the most recent 5 and 10 day time frames. The calculations use several broad market indicators when making the calculation including price changes and market breadth. Overbought and Oversold signals (+/-4.0) generally happen several times a year and extremes (+/- 10) are less frequent.
You may have heard it called many things: The S&P Oscillator, Proprietary S&P Oscillator, it has even been called ‘The Great Oscillator’, but the S&P Short-Range Oscillator you hear about on television that is proprietary to the S&P is only available here.
Originally only available as a part of the S&P Trendline/Daily Action Stock Charts (available here for $1850/yr), the S&P Short Range Oscillator is now available as a stand alone subscription for only $500/yr.