coolio! all the wild type oscars i've seen had the same pattern but not as intricate with a eye spot on the tail and some orange mottled throughout. Most likely it's for camouflage when younger to hide in plants. I was reading an article on caudal eyespots as a deterrent for fin predation in Oscars. Since they have the eyespot, fin nipping piranhas can't tell which side of the fish is the head so they don't know where the tail fin is. After examining the stomachs of many Serrasalmus they found primarily fins of other cichlids that didn't have the eyespot. pretty cool stuff.
Good luck with the little guy, if i had the space i'd wanna have an oscar again.