TDROsc-1.0 — Indicator by Daedalus

The Daedalus Report’s Oscillator is used in technical analysis that ranges between zero and one and is created by applying the Stochastic Oscillator formula to a set of Relative Strength Index (RSI) values rather than standard price data. Using RSI values within the Stochastic formula gives traders an idea of whether the current RSI value is overbought or oversold – a measure that becomes specifically useful when the RSI value is confined between its signal levels of 20 and 80.

The ideal parameters I use are: 3/3/5/8, 5/5/8/13, 8/8/13/21, 13/13/21/34, 21/21/34/55, and 34/34/55/89. (And YES they are all Fibonacci numbers!)

Choose the group that makes the TDROsc indicator closely match the wave of the price history for the period (15min, 1hr, 4hr, daily, weekly, monthly, etc) you are viewing. Then you can use it to forecast properly.

Invite-only script

Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Daedalus for more information, or follow the author's instructions below.

TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Community Scripts.

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.

Want to use this script on a chart?

Warning: please read before requesting access.