OPEN-SOURCE SCRIPT
[blackcat] L1 Vitali Apirine HHs & LLs Stochastics
Level 1
Background
This indicator was originally formulated by Vitali Apirine for TASC - February 2016 Traders Tips.
Function
According to Vitali Apirine, his momentum indicator–based system HHLLS (higher high lower low stochastic) can help to spot emerging trends, define correction periods, and anticipate reversals. As with many indicators, HHLLS signals can also be generated by looking for divergences and crossovers. Because the HHLLS is an oscillator, it can also be used to identify overbought & oversold levels.
Remarks
I changed EMA or SMA into hanning windowing function to reduce lag issue.
colorful area is bearish power.
colorful solid thick line is bull power.
Feedbacks are appreciated.
Background
This indicator was originally formulated by Vitali Apirine for TASC - February 2016 Traders Tips.
Function
According to Vitali Apirine, his momentum indicator–based system HHLLS (higher high lower low stochastic) can help to spot emerging trends, define correction periods, and anticipate reversals. As with many indicators, HHLLS signals can also be generated by looking for divergences and crossovers. Because the HHLLS is an oscillator, it can also be used to identify overbought & oversold levels.
Remarks
I changed EMA or SMA into hanning windowing function to reduce lag issue.
colorful area is bearish power.
colorful solid thick line is bull power.
Feedbacks are appreciated.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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