Lij_MC

Double Stochastic Divergence

Same as my protected script but you can now see the code

This Study plots divergences and overlays a second %K as a fractal and changes the color of %D for the non fractal
Option to use Stochastic RSI for Fractal
Background Shading according to trend

Feel Free to change the indicator values to suit your style / system

The divergence script is thanks to @RicardoSantos, I've just adjusted it to suite my indicator

Remember that divergences work best when traded with the trend or very late in a trend when going against the trend

Common value for %K is 5, I have chosen 3 as it gives faster entries when using multiple time frames

If you are not using a momentum indicator as a trailing stop and using only cycle indicator
then I would recommended %K be 4 for exits

Release Notes: Added Background Highlights for Over Bought and Over Sold Regions
Release Notes: ...
Release Notes: Added ADX 2 Resting Bar Buy / Sell Entry Signal
Release Notes: Background Color now according to MA Crossover
Adjusted Colors
Release Notes: Much anticipated update

More options for Background Color Change, besides MA crossover color change options now include;

MACD Direction

&

Dad Direction (Top Dog Trading)



Also Added Alerts for;

Background color change

&

Divergences
Release Notes: Added Trend Barmeter so now you can add confluence to your entries

3 Trend Barmeter lines, choose from MA Cross, MACD Cross, Dad Direction (Top Dog Trading) or Trend Candles
Release Notes: Small adjustment
Release Notes: Adjusted Background Shading Intensity
Release Notes: Changed Values for Main Stochastic to;

K = 5
D = 3
Smoothing = 2

Added an extra Trend Bar. This 1 only shows MA Cross or where the Minor Base Line is in relation to the Major Base Line

Added Highlights to the Trend Bar to show possible Momentum Setups - Please use this with caution and in relation to Price action and S/R
Release Notes: Removed ADX 2 Possible Entry Signal and RSI Plot

Added Momentum Setups to Trend Meter - Very Powerful Entries but Use With Caution

Look for Support or Resistance Levels for price to be attracted to

Enter Long above the Setup Bar

Enter Short Below the Setup Bar

When looking to break out from Trendline or S/R Level - Look for confluence by ensuring all 3 trend Meters are Highlighted the Same Color
Release Notes: Adjusted;

Filter X parameters

Trend Meter Background Highlight - Filter X + 3 Trend Meter Conditions Met (Minor / Major Base Line Cross Excluded)
Release Notes: Fixed fault with background highlight of trend meter
Release Notes: Added ability;-

to Change the Color of the Main Stochastic

to Turn the Fractal / Secondary Stochastic off from the menus
Release Notes: Updated Alerts so now you can see them properly when entering
Release Notes: Fixed issue with Alerts
Release Notes: Divergences Offset to Realistic Entry Point
Release Notes: Trend Meter Background Highlight when all 3 conditions are met

Adjusted Alerts
Release Notes: Fixed Fault with background highlights
Release Notes: Updated Background Highlight and adjusted some menu's

Added Highlights for;

RSI Signal Line Cross (RSI = 13, Linear Regression Signal Line = 21) - Extremely powerful signal

MOM DAD Cross (Topdog Trading)
Release Notes: Fixed a fault with the background colors that was introduced by Tradingview
Adjusted colors and thickness of stochastic lines to make them more visually appealing
Release Notes: Removed The Trend Meters along with a Lot of Clutter (If you still need a Trend Meter please add it from my other Scripts on my Page)
Added On Balance Volume as an input source option for both Stochastics
Changed the look of the Stochastics for better visual appeal
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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