The DSS ranges from 0 to 100, like the standard Oscillator.
The same rules of interpretation apply to Stochastics can be applied to DSS, although the DSS offers a much smoother curve than the raw .
How it works:
It applies Exponential Moving Averages (EMAs) of two different periods to a standard %K.
The components that construct the Oscillator are first smoothed with the two EMAs.
Then, the smoothed components are plugged into the standard formula to calculate the indicator.
of the ( of the (Close – Lowest Low for the specified period) )
of the ( of the (Highest High for the specified period – Lowest Low for the specified period) )
How to add alerts:
Check off each piece of criteria you want for the alerts, then select Okay.
Then go to 'Create Alert' and set the condition to 'MTF DSS', select create.
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.