Violent

Stochastic Heat Map

A series of 28 stochastic oscillators plotted horizontally and stacked vertically from bottom to top as the oscillator background.
Each oscillator has been interpreted and the value has been used to colour the lines in.
Lower lines are shorter term stochastics and higher lines are longer term stochastics.

The average of the 28 stochastics has been taken and then used to plot the fast oscillator line, which also has a slow oscillator line to follow.
The oscillator line can be used to colour in the candles.

Inputs:

MA: multiple smoothing methods
Theme: multiple colours
Increment: stochastic length start and increments
Smooth Fast: smooth fast length
Smooth Slow: smooth slow length
Paint Bars: colour candles
Waves: toggle method to weight/increment stochastics

Heat map shows momentum extremes:

Release Notes: Updated legacy code.
Release Notes: Updated colours.
Release Notes: The number of stochastics plotted in the background can now be controlled with the 'PlotNumber' input. This changes the average calculation and allows more control and precision.
Release Notes: Updated fast and slow line width.
Release Notes: Updated colours.
Release Notes: Updated colours.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

500 coins
+1 Reply
Ok this looks hella cool but can somebody explain to me in plain English how to use this?
+23 Reply
MadMoto29 JNMaven
Also interested to know how the author recommends how to make use of this cool indicator! Great visual/study, but what are the trading implications?
Reply
This publication will be featured in our "Best Scripts of The Month" selection. Thank you for your valuable contribution to the TradingView community, and congrats!
+22 Reply
How do I save/use this script!?
+7 Reply
Incredible work mate;

To those who have no idea of how to use it:

What is the "heatmap":
We have a stochastic; It has readings, for each reading from 0-100 with interval of 10 it gets a special colour
So for example 10 will be dark blue, 100 bright red, 50 is yellow (source code 78-108). Now this thing is pressed into a horizontal line and put on chart, 28 lines, low numbers in the bottom, high numbers at the top (line number 28 will be the highest line, line number 1 the lowest). It has length, K% & D& according to its number in source code 121-148. 1st stochastic will have parametres of (length,K,D) = (1,1,1); 15th (40,16,16); 28th (160,28,28), its source code 121-148 . Now you should understand what the lines that create background are; And the stochastic we see is an average of all those 28 stochastics, and it has its own average for signals.

How to actually use it:

Ill explain on example; Find 15 feb on the chart at the top of the page. Average of stochastics is located in the red area, so overall sentiment is asset is overbought; we`re looking to short. Matter the fact its a red area at the top, that means those huge length stochastics indicate overbough, strong signal. Now as you can see, white line is K and orange is D, so we wait for them to cross. As white line downcrosses orange line, we have a signal to sell. We close the trade at 17th feb 20:00 with average stochastic upcross in a yellow area (sign for correction), or hold the position till it crosses in the blue (oversold) zone, preferably somewhere in above the middle of the map (for a stronger signal from longer term stochastics). And so we close position at 19-22 mar with stochastic upcross in a blue zone in the middle part of the chart. Just keep the meaning of lines in mind and you`ll come with your own interpretations.

Thanks again violent, thats a terrific idea, very unordinary and open for interpretation. Keep up the good work
+5 Reply
Anyone knows how to use this?
+5 Reply


Stochastic Ribbon:


Moving Average Ribbon:
+5 Reply
Breakout_ Violent
@Violent, great work
+3 Reply
Amazing, thanks a lot!
+3 Reply
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