I have combined RSI and Stochastic but also added an keltner channel and then also two EMA's.
How the indicator works is the background turns green when the rsi and stochastic are below 20 and the keltner channel is below X and also your fast ema is below your slow ema and then vice versa for sell signals.
Feel free to leave a comment on what you think and what could be improved on it because i know their is some fine tuning to do and some improvement that can be made and I'm sure i'll be updating this myself.
All the variables are interchangable and the indicator has alert functionality.
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Added Engulfing Candles, Hammer and Shooting Star candles and doji candles that can be seen with the appropriate arrow.
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*wrong chart
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Added divergences to the script and also added alerts(didnt realise i didnt have in the first place). Minor changes i have also changed the colours of the different candlestick patterns for easier recognition and removed the stochastic from the overlay to clear it all up.
There will be more updates/improvements to come.
I hope you like it and if you have any suggestions please leave them in the comments
cheers
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*cleared up screenshot*
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In this small update i have added MA/EMA Envelope indicator into the combination since it synergises well with Keltner channels i have also changed the rsi band into two bands highlighting the area between 20-30 with a green band and also 70-80 with a red band but i have also removed the candlestick labels as they were often cluttering the chart(Just remove the forward slashes from the plotshape variables at the bottom of the script to bring them back).
I have also made the setting a lot easier to read and understand while also employing the ability to remove the different indicators from the combination.
I have left the settings as i use them which has mainly been lower timeframes and at the moment they are set on the 5 minute timeframe. The Envelope indicator has to be changed to suite yourself but also for the timeframe your using.
Since first publishing this script and slowly updating it, this indicator has been really good at finding reversals but i would not recommend trading the signals as soon as they pop up. Bullish and Bearish Divergence's will bring the price action further into overbought or oversold and can stop you out but i will update the script to accomodate for this in the future, so just be weary when the the buy and sell signals appear.
I have only one request The indicator is very good All the settings are good...just add stochastic cross in only when it is overbought and oversold conditions which is in the indicator then all things the same background turns green when the rsi and stochastic Crosses below 20 and above 80 and the keltner channel is below X and also your fast ema is below your slow ema and then vice versa for sell signals. This will be the perfect indicator
itsjhow
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this is great!
ChristieDenish
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i find that pivot label on the chart is indicating true reversal. but i am not able make alert on pivot label . so pls make it possible to create alert when pivot appear. good job.
TC1909
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Apologies to everyone requesting some tweaks and changes. I haven't been doing much coding in the last little while and their has been a lot of changes to pine script, I'll go through the code in the next few days and update it to version 5 and attempt to implement these requests and make some much needed improvements to the script.
Thanks for all your compliments.
age0110
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Hi, I love your indicator but it looks like you have a lot of code commented out? Did you forgot to upload the latest version? The candlesticks are not showing and the keltner checkbox does not seem to do anything. Another thing I notice is that I am not able to create an alert for the signal , I am only getting a Plot option instead of Buy/sell signal when I create the alert. Would it be possible to get some checkboxes to show or not show the indicators used by the strategy? Thanks!!
age0110
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I made the alert work ;) Forget about my last message ... Would you be able to create a strategy for it?
UnknownUnicorn13619584
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this thing is fire!
ccrjared
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Careful this is a repainting indicator so results may look great but it will not be the same on the chart.