OPEN-SOURCE SCRIPT
Updated MTF Stochastic with automatic divergence
This is a stochastic indicator that show the stochastic in your current timeframe and also the stochastic from the timeframe above (if current is 15 mins - the above is 1 hour etc). When the 2 stochastics align the background colour highlights to emphasise that. The idea being that you have your current stochastic pushing down improving your change of a successful entry and the stochastic from above pushing down showing there is momentum in that direction.
In addition, the indicator will show when positive and negative divergence occurs on the current timeframe. Divergence can be a little subjective but it seems to find the important ones.
Finally, it highlights when the current stochastic crosses. I was finding once you squash it down it gets difficult to see so I made that easier.
For me I don't tend to use the divergence feature (which is ironic as i found it very hard to code) but being able to see what is happening on the timeframe above is a very effective filter saving me from bad trades.
The script is a little scruffy in places but neat enough to adapt to other indicators. Somewhere I have the same principle for MACD - one of these days I'll find it and make it available.
Hope thats useful to people and good luck.
In addition, the indicator will show when positive and negative divergence occurs on the current timeframe. Divergence can be a little subjective but it seems to find the important ones.
Finally, it highlights when the current stochastic crosses. I was finding once you squash it down it gets difficult to see so I made that easier.
For me I don't tend to use the divergence feature (which is ironic as i found it very hard to code) but being able to see what is happening on the timeframe above is a very effective filter saving me from bad trades.
The script is a little scruffy in places but neat enough to adapt to other indicators. Somewhere I have the same principle for MACD - one of these days I'll find it and make it available.
Hope thats useful to people and good luck.
Release Notes
fixed background highlight for non white screensRelease Notes
stronger signal filteroption to make upper stochastic grey
Release Notes
bug fixRelease Notes
bugRelease Notes
.Release Notes
the script stopped working - must be a pine updateI fixed it and modified the input but I've dropped the divergence - its too complicated to fix. Its the previous revision if someone wants to rescue it...
Release Notes
jRelease Notes
dRelease Notes
dRelease Notes
choose any currency and can see 3 timeframes upRelease Notes
I FORGOT TO ADD REVERSE JPY OPTIONSRelease Notes
THIS TIME I GOT ITRelease Notes
READDED JPYRelease Notes
.Release Notes
Various updates. The auto divergence is long gone.Release Notes
gygtuygRelease Notes
vhgvhgvRelease Notes
improved bgfillOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.