OPEN-SOURCE SCRIPT
Double Stochastic Divergence
Updated
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
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 SignalRelease Notes
Background Color now according to MA CrossoverAdjusted Colors
Release Notes
Much anticipated updateMore 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 adjustmentRelease Notes
Adjusted Background Shading IntensityRelease 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 PlotAdded 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 meterRelease 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 AlertsRelease Notes
Divergences Offset to Realistic Entry PointRelease Notes
Trend Meter Background Highlight when all 3 conditions are metAdjusted Alerts
Release Notes
Fixed Fault with background highlightsRelease 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 TradingviewAdjusted 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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.