OPEN-SOURCE SCRIPT
Stochastic & RSI
Updated
This script is a simple extension of the Built-In Stochastic RSI that also plots the RSI and prints the values of ATR and ADX of the last bar of the current timeframe to a small table in the corner.
The script can be used to define the entry for a trade when the stochastics crossed and RSI is below or above 0.50 (for going long or short).
BTCUSD
I like to use the Stochastics and RSI indicators for pullback strategies, and with this inidcator you dont have to add both indicators to your setup. The ATR can be used to define the value of your stop-loss and the ADX (e.g. > 25) give you a hint for the strength of the current trend.
The script can be used to define the entry for a trade when the stochastics crossed and RSI is below or above 0.50 (for going long or short).
BTCUSDI like to use the Stochastics and RSI indicators for pullback strategies, and with this inidcator you dont have to add both indicators to your setup. The ATR can be used to define the value of your stop-loss and the ADX (e.g. > 25) give you a hint for the strength of the current trend.
Release Notes
Set the decimals of the ATR to 4 digitsRelease Notes
Stochastics separated from RSI and color option for RSI addedRelease Notes
Update name and chartRelease Notes
Stochastics based on RSI, not close, low and highRelease Notes
Add alerts for overbought and oversold entriesRelease Notes
Register alert for overbought or oversoldRelease Notes
Typo correctedRelease Notes
TypoRelease Notes
Alert on stochastics cross when oversold or overboughtRelease Notes
Upper and lower level of bands as inputRelease Notes
Length RSI and stochastics separatedRelease Notes
Second RSI added for longer term momentum and trendRelease Notes
RSI-based EMA addedOpen-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.
To access my invite-only indicators you have to become a TG Member on my patreon: patreon.com/TradingGuide
Disclaimer
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