The idea of the oscillator is to define if our team is overperforming or underperforming or just regular one. If one of the teams is underperforming and second is overperforming then underperforming team has a higher chance winning against overperforming. Take a look at this example:
Here Minnesota is overperforming team, Florida - underperforming team. So according to this oscillator Florida has higher chance to win against Minnesota.
The charts of this pattern don't happen very often. The team is defined as overperforming or underperforming only if its game results change a lot in the last 10 or 5 games. The points on the chart are counted as the amount of wins / amount of games in the period.
Here is another example
Here San Francisco - overperforming, and Chicago White Sox - underperforming, but their charts don't cross meaning that long term San Francisco is alway playing better than Chicago White Sox so we cant really conclude that Chicago White Sox has higher chance to win. It means the oscillator gives us "no bet" or possible San Francisco win.
Here both teams are playing in regular mode and none of them are overperforming or underperforming, meaning the oscillator gives "no bet".