Slow (21,3,3) for monitoring the swing of price cycle.
Fast (5,1,1) for monitoring the swing in price ripple.
When 2 run way from each other, separately , mean Price will move only retrace or rebound in ripple movement.
When 2 Flip and Run break thru from overbought or oversold zone , mean Price will move to change in major direction
Useful for decision to hold position or take action
Such as Price move up and start decline, Slow run above 80 and only Fast swing down, mean Price just move retrace down. Price still has chance to flip and move up again. This will help we hold the Long Position or know where to open more Long position on price dip.
Or Price break down to support line and start rebound , Slow run below 20 and only Fast Swing Up , mean Price just move rebound to go down again. This will help we can hold Short Position or know where to open more Short position.
Wave Riders ...
study(title="Double Stochastic", shorttitle="DBLStoch") length1 = input(21, minval=1), smoothK1 = input(3, minval=1), smoothD1 = input(3, minval=1) length2 = input(5, minval=1), smoothK2 = input(1, minval=1), smoothD2 = input(1, minval=1) k1 = sma(stoch(close, high, low, length1), smoothK1) d1 = sma(k1, smoothD1) plot(k1, color=blue) plot(d1, color=red) k2 = sma(stoch(close, high, low, length2), smoothK2) d2 = sma(k2, smoothD2) plot(k2, color=orange) h0 = hline(80) h1 = hline(20) fill(h0, h1, color = yellow, transp=90)