Some  people regard the design of RF Oscillators to be something akin to a  "black art" and after many years of swearing at "cranky" oscillators I'm  not all too sure they are all that wrong. I suggest you ensure you  remember this old saying:
"Amplifiers oscillate and oscillators amplify" - unknown
Introduction
When  I was a kid, yes I can remember back to the late 1940's, we collected  all manner of junk. Cool was anything remotely electrical and, of course  bicycle dynamos, lamps or motors were even "extra cool".
We  as precious little seven year olds conceived - all budding nuclear  physicists that we were - of this real smart idea, obviously nobody had  ever thought of this before.
"Why  don't we connect a motor to a generator, so the motor drives the  generator, providing electricity for the motor, which continues to drive  the generator and it'll go on, and on, and on for a hundred years and  we'll become world famous!"
Of  course we had no concept of frictional losses (I think that's right)  way back then. Nor had the words "perpetual motion" passed our ears.
The  whole point of that little story is to crudely demonstrate the  principle of how an oscillator works. If you can follow that childishly  naive concept then you will kill them in this.
Principles of Oscillator operation
Every  oscillator has at least one active device (smarties don't complicate  matters for me - just read on) be it a transistor or even the old valve.  This active device and, for this tutorial we'll stick to the humble  transistor, acts as an amplifier. There is nothing flash about that. For  this first part of the discussion we will confine ourselves to LC  Oscillators and I'll keep the maths to an absolute minimum.
At  turn on, when power is first applied, random noise is generated within  our active device and then amplified. This noise is fed back positively  through frequency selective circuits to the input where it is amplified  again and so on, a bit like my childhood project. Ultimately a state of  equilibrium is reached where the losses in the circuit are made good by  consuming power from the power supply and the frequency of oscillation  is determined by the external components, be they inductors and  capacitors (L.C.) or a crystal. The amount of positive feedback to  sustain oscillation is also determined by external components. 
Frequency or Phase Stability
Frequency  or phase stability of an oscillator is customarily considered in the  long term stability case where frequency changes are measured over  minutes, hours, days even years. Of interest here are the effects of the  components changes, with ambient conditions, on the frequency of  oscillation. These might be caused by changes in the input voltage,  variations in temperature, humidity and ageing of our components.
Never  underestimate the effects of these variations on the frequency of  operation. I've gone nuts working on so called precision designs, with  precision components, where the frequency wandered at random over  several kilohertz over several minutes. Needless to say I'd "messed up".
Short  term stability is also of great interest and, again I could lay some  real heavy maths on you but I won't. I'll simply say it can be  mathematically proven that the higher the circuit Q, the higher this  stability factor becomes. The higher the circuit Q, the better the  ability the tuned circuit can filter out undesired harmonics AND noise.
Reducing Phase Noise
1.       Maximize the Qu of the resonator.
2.       Maximize reactive energy by means of a high RF voltage across the resonator. Use a low LC ratio.
3.       Avoid device saturation and try to use anti parallel (back to back) tuning diodes.
4.       Choose your active device with the lowest NF.
5.       Choose  a device with low flicker noise, this can be reduced by RF feedback. A  bipolar transistor with an unby-passed emitter resistor of 10 to 30 ohms  can improve flicker noise by as much as 40 dB.
6.       The output circuits should be isolated from the oscillator circuit and take as little power as possible.
Effects of ambient changes on stability
A  frequency change of a few tens of hertz back and forth over a couple of  minutes would mean nothing to an entertainment receiver designed for  the FM Radio band. Such a drift in an otherwise contest grade receiver  designed to receive CW (morse code) would be intolerable. It's a  question of relativity.
Minimizing Frequency drift
These are random and not in any particular order.
1.     Isolate  the oscillator from succeeding stages with a well designed buffer stage  followed by a stage of amplification. Large signals can often then be  reduced by a 3 or 6 dB attenuator which also has the benefit of  presenting a well defined load impedance to the amplifier. If the stage  is feeding a mixer, as is most often the case, then another benefit is  the mixer (you are using double balanced mixers?), also see a source  impedance of 50 ohms.
2.     Ensure  the mechanical stability of your oscillator is such that mechanical  vibration can have no effect on components, especially those frequency  determining components.
3.     Supply  the oscillator with a clean well regulated supply. If using varactor  tuning, doubly ensure the tuning DC voltage is as clean as possible, a  few hundred micro volts of noise can be imposed on the oscillator  signal. Use back to back diodes for the variable element. Air variables  are hard to come by although they offer far superior Q figures. DC  tuning tends to be more versatile.
4.     Minimize  circuit changes from ambient variations by using NPO capacitors,  polystyrene are dearer but excellent, silvered mica in my opinion are  not what many people believe and are highly over rated.
5.     The  inductor should be air wound on a coil form with a configuration to  maximize Qu. If you must use a toroid, where possible try to use the 6  type as it offers the best Q. Sometimes, for other reasons you might  have to use a slug tuned form.
6.     Parallel  a number of smaller value NPO capacitors rather than using one large  one in frequency determining components. For trimmers try and use an air  variable. Keep an eye out for small value N750, N1500 capacitors, <  15 pF, when available and are found to be dirt cheap. These are  sometimes useful in taming drift in an oscillator.
7.     Bipolar  or FETS for active device seems to be a matter of personal preference  and I've seen some ferocious arguments over that one. Consensus seems to  come down in favour of FETS. Me, I'm a bipolar man because FETS hate me  pure and simple.
So  there are some of the things to keep in mind. Hopefully at this point  you have discovered the broad idea of an oscillator, I've outlined  broadly two types Hartley and Colpitts. I spoken about frequency  stability and listed ways to combat phase noise and reducing frequency  drift. Now let's proceed to the main course.
Ref: http://my.integritynet.com.au/purdic/oscillators.htm
 
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