OPEN-SOURCE SCRIPT
Updated Stochastic with Oversold/Overbought levels color
Modification of original Stochastic covering:
- dynamic color of smoothed Stoch if overbought or oversold levels reached
- added inputs to Settings to define Oversold/Overbought levels dynamically
- removed color fill what only makes indicator harder to read
Release Notes
Additional Information:- Stochastic is now simplified when it's coming to display (one, smoothed line shown)
- Stochastic line is being colored when it exceed Oversold and Overbought levels
- script together with DMI and OBV is working very well as additional confluence when taking trades; DMI is additional oversold/overbought indicator that can be checked together with Stochastic + OBV is showing also potential reversals via Divergences
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.