Hybrid Overbought/Oversold Detector + Put/Call Signals

Jul 24, 2020

There are many indicators of overbought/oversold conditions out there. Some of more common ones are:

- Bollinger Bands %B
- Money Flow Index (MFI)
- Relative Strength Index (RSI)
- Stochastic

This script uses a combination of these 4 oscillators to confirm overbought/oversold and filter the signals of market reverse which could be used for trading binary options.
You may select which oscillators you want to apply and of course change the source, the length of the calculations and the overbought/oversold levels.
Also the script will draw a combined graph which is the average of the selected oscillators in the options.

Send me your ideas!

Aug 5, 2020

Release Notes

A tweak to default OB/OS levels.

Aug 6, 2020

Release Notes

The 5th oscillator support added:
- Chande Momentum Oscillator (CMO) could now be applied.

Aug 18, 2020

Release Notes

Small coding tweaks!

Aug 21, 2020

Release Notes

Added 50-Line which could be useful sometimes.

Aug 27, 2020

Release Notes

Changed the structure of the code a bit and removed "Total Average" graph due to uselessness!
From now on, there is a new hybrid graph instead, which represents the OB/OS market exactly.

Aug 27, 2020

Release Notes

Added 0,100-lines to make a better display of Hybrid graph

Oct 23, 2020

Release Notes

- Added support for 3 new oscillators:
6. Commodity Channel Index (CCI)
7. Keltner Channel %K
8. Rate Of Change (ROC)

- Made some changes to default OB/OS levels and colors
- Applied some coding tweaks

Oct 26, 2020

Release Notes

Major Update!
Manual setting of OB/OS levels removed; Instead, a procedure of automatic levels detection implemented which leads to some advantages:
- There is no more need for taking care of setting OB/OS levels manually by the user (specially an amateur one).
- The whole process of OB/OS detection could fit any data from any feed automatically.
- OB/OS levels could vary dynamically over time.

So it's all about reacting to any changes in market conditions. Good Luck!

Oct 28, 2020

Release Notes

- Optimized OB/OS level calculations
- Added labels to show calculated OB/OS levels (for those who wonder what the calculated levels are)

Oct 31, 2020

Release Notes

- Minor tweaks
- Changed default options
- Added weaker colorized signals which lead to better view and understanding of the chart, trends, divergences and thus more accurate decisions!

Nov 2, 2020

Release Notes

- Small coloring tweaks!

Nov 14, 2020

Release Notes

- Added Multi-Timeframe Capability.
Calculations Timeframe could now be changed in options.

Nov 14, 2020

Release Notes

- Fixed higher timeframe levels calculation bug!

Nov 20, 2020

Release Notes

Made level calculations more strict

Dec 13, 2020

Release Notes

- Added support for 2 less common oscillators:
9. Chaikin Money Flow (CMF)
10. Twiggs Money Flow (TMF)

Dec 14, 2020

Release Notes

Fixed a bug related to TMF oversold calculation

Jan 8, 2021

Release Notes

- Fixed a multi-timeframes calculation bug
- Increased calculations speed

Jan 8, 2021

Release Notes

- Fixed another problem related to an annoying Pine MTF functions bug!

Jan 12, 2021

Release Notes

- Just made the script more structured by implementing some functions

Feb 13, 2021

Release Notes

- Added support for 2 other oscillators:
11. Disparity Index (DIX)
12. Relative Vigor Index (RVI/RVGI)
- Manual setting of OB/OS levels is now possible again. Feel free to set OB/OS levels as you wish or leave the options as they are to make the calculations automatic.

Apr 3, 2022

Release Notes

- Restructured the code
- Converted to Pine v5
- Increased overall performance
- Made indicator settings more user-friendly
- Added alert conditions to the settings
- Made levels auto-calculation better
- Killed some tiny bugs

Apr 24, 2023

Release Notes

- Fixed calculation errors for some tickers; Now the indicator should work on all charts!
- Fixed DIX normalization error
- Added auto-level option and made alerts better
- Killed some tiny bugs and increased code performance

Apr 24, 2023

Release Notes

- Added symbol selection option; It's now possible to see OB/OS conditions of another ticker on current chart.
- Added hybrid OB/OS levels and labels
+ 4 above-mentioned ones!

Apr 24, 2023

Release Notes

3rd update in one day!
- At last, fixed issues regarding "The other time frame and ticker" calculations