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Description
View the latest information regarding this indicator on TradingView here: https://www.tradingview.com/script/1sOO3szH-Stochastic-Weights-Advanced-BigBitsIO/
Stochastic Weights – Advanced [BigBitsIO]
This is the Stochastic Weights – Advancedindicator. It takes a variety of different indicators and allows a user to weight them unequally to produce a truly unique stochastic value. All values are weighted at the K value, the D value on this chart is a simple moving average of the weighted K value and can have its length adjusted.
Indicators available to be weighted in the Stochastic K:
- Stochastic
- Stochastic RSI
- Stochastic PC
- Stochastic V (not available anywhere else)
- RSI
- Smoothed RSI
- MFI
- Smoothed MFI
After weighting the above indicators and calculating the K and D of the stochastic, many of the settings are available to trigger specific alerts.
Set an overbought (OB), very overbought (V OB), oversold (OS), and very oversold (V OS) thresholds with settings.
- Example of V OB:
Confirm that an RSI (RSI2), which is not part of the weighted calculation, and which can be from a higher resolution is above or below a certain value before any alerts can trigger. This can prevent alerts on small quick moves at the beginning of longer sustained moves. The nature of this indicator is to not repaint, although using an RSI confirm of a higher resolution might result in some candles repainting when RSI values change at the higher resolution.
There are several settings related to the divergence lookback, and these can provide some flexibility in finding divergences (BDE labels) using a modified divergence finder. You’ll notice all BDE labels must occur within the respective bull or bear recency setting # of candles. BDEs require a corresponding crossover within the recency period.
- Example of BDE:
There are also other settings related to what I refer to as a very quick very oversold or overbought divergence. These are custom defined divergences that can only occur within a certain timeframe after the indicator has been very overbought or very oversold. These divergences also require a crossover to fire.
- Example:
It is very important to note that in my experience this indicator works best on very small resolution charts such as ‘5m’ as the price is more volatile and there are more divergences to capture. Trading at higher resolutions such as ‘1hr’ could mean waiting weeks for a divergence. This is all dependent on settings, however, and your appetite for risk.
********NOTE********
This indicator will be updated – PLEASE READ COMMENTS ON UPDATES ON TRADINGVIEW! There may be very important changes.
***********************Thank you sincerely,
David @ BigBitsIO
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