DMI Stochastic Extereme - Version 2

Version 2 Includes
Custom setting for the Oversold and Overbought Levels
Replaced B and S with arrows
Cleaned up the code and finalized the indicator.

*Unless there is a real need, this indicator will not be revised further.
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study(title="UCS_DMI Stochastic Extreme_V2", shorttitle="DMI-Sto-E_V2", overlay=false)
// Wells Wilders MA
wwma(l,p) =>
    wwma = (nz(wwma[1]) * (l - 1) + p) / l

// Inputs
DMIlength = input(10, title = "DMI Length")
Stolength = input(3, title = "DMI Stochastic Length")
os = input (10, title = "Oversold")
ob = input (90, title = "Overbought")

// DMI Osc Calc
hiDiff = high - high[1]
loDiff = low[1] - low

plusDM = (hiDiff > loDiff) and (hiDiff > 0) ? hiDiff : 0
minusDM = (loDiff > hiDiff) and (loDiff > 0) ? loDiff : 0

ATR = wwma(DMIlength, tr)

PlusDI = 100 * wwma(DMIlength,plusDM) / ATR
MinusDI = 100 * wwma(DMIlength,minusDM) / ATR

osc = PlusDI - MinusDI

// DMI Stochastic Calc
hi = highest(osc, Stolength)
lo = lowest(osc, Stolength)

Stoch = sum((osc-lo),Stolength) / sum((hi-lo),Stolength) *100
plot(Stoch, color = blue, title = 'Stochastic', linewidth = 2, style = line)

crossUp = Stoch[1] < os and Stoch > os ? 1 : 0
crossDo = Stoch[1] > ob and Stoch < ob ? 1 : 0

plot (ob, color = gray, linewidth = 1, title = 'Over Bought')
plot (os, color = gray, linewidth = 1, title = 'Over Sold')

plotchar(crossUp, title="Crossing Up Signal", char='⇑', location=location.bottom, color=green, transp=0)
plotchar(crossDo, title="Crossing Down Signal",char='⇓', location=location.top, color=red, transp=0)
HI could you plz make it color the bar instead of arrow up and down ?or keep them both plz
Could you change the script to have the red and green arrows present themselves 1 candle before it does? I am not a script writer so I'm just thinking.
Using 2 time frames on this one seems to work well....so only play the direction of the higher time frame
ucsgears TASAVANT
Nature of All Stochastic Indicator - Long time frame - trend (play the short term dips)
ucsgears TASAVANT

Theory is find stocks in extreme oversold while the long term is Bullish and vice versa. I would ignore the first buy trigger. And would like ignore the last buy trigger, which can be predicted to an extent, but not 100%. Keep your risk intact and play it with caution.

Simple strategy ideal for any beginner, who is willing to play oversold / overbought. In my books, a single timeframe oversold / overbought does not make sense, unless such happens against the trend.
Nice implementation of the plotchar ... plot type....
ucsgears ChrisMoody
Thanks, always great to see a pro coder comments...
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