OPEN-SOURCE SCRIPT
2xStochastic + RSI (two levels, colored)
Great tool to find market tops, bottoms, S/R's and reversals.
Rsi has 2 customiseble overbought and oversold levels can show you extreme levels.
Slow Stochastic 1 (25 period) shows small price swings
Slow stochastic 2 (100 period) can show you a greater picture, are we reversing?
Why do you need Leguerre, Murrey, Kaufman oscilator 3000 when you can have old and trusted tool, that has been tweeked very nicely for any timeframe.
I use it in a variety of ways, let me show you some examples:
EXAMPLE 1 (RSI Extreme Level):
1) Find extreme oversold or overbought level that clearly reversed and plop S/R line there. BAM! We have a S/R line
2) Next time you know this line will mean something (Either it will hold, or it will be broken by a big candle) and you can trade it accordingly to Stochastic trading strategy
EXAMPLE 2 (Fibonacci Level finder):
Trading fibo? This can help!
1) Just like fibo trading, find good swing top and bottom
2) You know that price will reverse from 38.2, 50, 61.8, but where? I think this is self explanotory...
Rsi has 2 customiseble overbought and oversold levels can show you extreme levels.
Slow Stochastic 1 (25 period) shows small price swings
Slow stochastic 2 (100 period) can show you a greater picture, are we reversing?
Why do you need Leguerre, Murrey, Kaufman oscilator 3000 when you can have old and trusted tool, that has been tweeked very nicely for any timeframe.
I use it in a variety of ways, let me show you some examples:
EXAMPLE 1 (RSI Extreme Level):
1) Find extreme oversold or overbought level that clearly reversed and plop S/R line there. BAM! We have a S/R line
2) Next time you know this line will mean something (Either it will hold, or it will be broken by a big candle) and you can trade it accordingly to Stochastic trading strategy
EXAMPLE 2 (Fibonacci Level finder):
Trading fibo? This can help!
1) Just like fibo trading, find good swing top and bottom
2) You know that price will reverse from 38.2, 50, 61.8, but where? I think this is self explanotory...
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.