informanerd

Hybrid Overbought/Oversold Detector + Put/Call Signals

There are many indicators of overbought/oversold conditions out there. Some of more common ones are:

- Bollinger Bands %B
- Money Flow Index ( MFI )
- Relative Strength Index ( RSI )
- Stochastic

This script uses a combination of these 4 oscillators to confirm overbought/oversold and filter the signals of market reverse which could be used for trading binary options.
You may select which oscillators you want to apply and of course change the source, the length of the calculations and the overbought/oversold levels.
Also the script will draw a combined graph which is the average of the selected oscillators in the options.

Send me your ideas!
Release Notes: A tweak to default OB/OS levels.
Release Notes: The 5th oscillator support added:
- Chande Momentum Oscillator (CMO) could now be applied.
Release Notes: Small coding tweaks!
Release Notes: Added 50-Line which could be useful sometimes.
Release Notes: Changed the structure of the code a bit and removed "Total Average" graph due to uselessness!
From now on, there is a new hybrid graph instead, which represents the OB/OS market exactly.
Release Notes: Added 0,100-lines to make a better display of Hybrid graph
Release Notes: - Added support for 3 new oscillators:
6. Commodity Channel Index (CCI)
7. Keltner Channel %K
8. Rate Of Change (ROC)

- Made some changes to default OB/OS levels and colors
- Applied some coding tweaks
Release Notes: Major Update!
Manual setting of OB/OS levels removed; Instead, a procedure of automatic levels detection implemented which leads to some advantages:
- There is no more need for taking care of setting OB/OS levels manually by the user (specially an amateur one).
- The whole process of OB/OS detection could fit any data from any feed automatically.
- OB/OS levels could vary dynamically over time.

So it's all about reacting to any changes in market conditions. Good Luck!
Release Notes: - Optimized OB/OS level calculations
- Added labels to show calculated OB/OS levels (for those who wonder what the calculated levels are)
Release Notes: - Minor tweaks
- Changed default options
- Added weaker colorized signals which lead to better view and understanding of the chart, trends, divergences and thus more accurate decisions!
Release Notes: - Small coloring tweaks!
Release Notes: - Added Multi-Timeframe Capability.
Calculations Timeframe could now be changed in options.
Release Notes: - Fixed higher timeframe levels calculation bug!
Release Notes: Made level calculations more strict
Release Notes: - Added support for 2 less common oscillators:
9. Chaikin Money Flow (CMF)
10. Twiggs Money Flow (TMF)
Release Notes: Fixed a bug related to TMF oversold calculation
Release Notes: - Fixed a multi-timeframes calculation bug
- Increased calculations speed
Release Notes: - Fixed another problem related to an annoying Pine MTF functions bug!
Release Notes: - Just made the script more structured by implementing some functions
Release Notes: - Added support for 2 other oscillators:
11. Disparity Index (DIX)
12. Relative Vigor Index (RVI/RVGI)
- Manual setting of OB/OS levels is now possible again. Feel free to set OB/OS levels as you wish or leave the options as they are to make the calculations automatic.
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

Thank you very much!
Reply
informanerd banek100
@banek100, Hope you could take advantage of this.
Reply
How to use this for buy sell? Can u plz explain
Reply
informanerd sameermamalik
@sameermamalik, Every signal means you will have a reversal in near future. Bolder color is the signal of stronger reversal, even a trend change. So you could use this for binary trading, but I suggest you to use it as a confirmation alongside other indicators/strategies.
+1 Reply
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