BigBitsIO

Stochastic Weights - Basic [BigBitsIO]

This script is a compilation of several different stochastic indicators (and RSI ) where the K value of each indicator is equally weighted. The purpose of the indicator is to combine many indicators together in a fashion that weights them easier. By default, the Stochastic and Stochastic RSI are both enabled - the idea is to speed up the relatively slower Stochastic and to slow down the relatively fast Stochastic RSI . Other Stochastics are also available, including some of my own custom calculations that can also be added to the weighted calculation. Only the K value is weighted, as the D value is just a moving average of the weighted K.

Explained:
- Calculates enabled indicators
- Calculates the weighted value of K for enabled indicators
- Calculates a D value from the weighted K

FAQ:
- Why is this script useful?
- To weight multiple indicators together so that you can attempt to find optimal values shared amongst the indicators. Ex: If Stochastic RSI is 100 and Stochastic is 50, K would be 75 and not particularly high. If you add in a 50 RSI , the K would be 67 in this example. If we weight indicators together that all have a high value they could potentially help find elements that align together to produce a stronger signal.

DISCLAIMER: For educational and entertainment purposes only. Nothing in this content should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto. DYOR, TYOB.
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.

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Comments

500 coins
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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!
+3 Reply
Hey BigBits, I love your work. Your such a great guy. Thanks for making the world a better place. Maybe in a small way but goodness is exponential. It spreads like rings in the water.
+1 Reply
Some really interesting ideas on this one - well done :)
+1 Reply
Speechless. This is such a brilliant idea.
Reply
cool, this add additonal freedom of stochastic indicators to adapt different market conditions.
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