it will give you a quick overview which pair is more overbough or more oversold and also signals tops and bottoms in the AVG row
- light red/green cell = weak bearish (Stoch = 30-20) / bullish (Stoch = 70-80)
- medium red/green cell = bearish (Stoch = 20-10) / bullish (Stoch = 80-90)
- dark red/green cell = strong bearish (Stoch <= 10) / bullish (Stoch >= 90)
- gray cell = neutral (Stoch = 30-70)
If AVG (average of all 4 timeframes) falls below 20, the cell will get green, indicating a good time to enter long (buy)
If AVG (average of all 4 timeframes) rises above 80, the cell will get red, indicating a good time to enter short (sell)
Use the "MTF Stochastic Scanner" in combination with the "MTF RSI Scanner"
to find tops (RSI MTF avg >=70 AND Stochastic MTF avg >= 80)
or bottoms (RSI MTF avg <= 30 AND Stochastic MTF avg <= 20)
Here is how the two MTF scanners looked on Nov 08 2021 (ATH) »
and here how the MTF scanners looked on June 21 2022
use TradingViews Replay function to check how it would have worked in the past and when not.
As always… there NOT a single indicator that can show to the top & bottom 100% every single time. So use with caution, with other indicators and/or deeper understanding of technicals analysis ☝️☝️☝️
You can change the timeframes, symbols, Stochastic settings, overbought/oversold levels and colors to your liking
Drag the table onto the price chart, if you want to use it as an overlay.
Because of the 4x10 security requests, it can take up to 1 minute for changed settings to take effect! Please be patient 🙃
If you have any idea on how to optimise the code, please feel free to share 🙏
*** Inspired by "Binance CHOP Dashboard" from @Cazimiro and "RSI MTF Table" from @mobester16 ***
That means the AVG row has now 3 colors »
- overbought min = 80-85 = light red
- overbought med = 85-90 = med red
- overbought max = 90-100 = dark red
- oversold min = 20-15 = light green
- oversold med = 15-10 = med green
- oversold max = 10-0 = dark green
Also adjusted the colors for better reading (contrast),
and added alerts for (min, med & max).
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.