D.I.Y. Steadicam Vest/System

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The simplest way to describe the arm is a of parallelogram with springs pulling it closed diagonally from within the parallelogram. The weight of the sled and camera keep it open. The two opposing forces maintain the position of the camera.

Pivoting two of them together also separates the camera from the rotation of your torso.

These account for planar directional changes in the camera.

The sled (correctly balanced) then uses a gimbal to separate the tendency for any smaller changes to be transferred to the camera. The gimbal also accounts for the planes of rotation.
 
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