I have added , , to compare. From the code below, i am using , but the idea is same, if you use . Experiment with your own comfortable time frames.
This is not a holy grail, The oversold and overbought in a trend transition period could be misleading. But over all, Its a good measure to trade overbought and oversold region
List of All my Indicators - https://www.tradingview.com/p/stocks/?so...
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.
study(title="UCS_Momentum Oscillator", shorttitle="UCS_Osc") //length = input(14, minval=1) length1 = input(10, minval=1, title = "Short %K") length3 = input(100, minval=1, title = "Base %K") sma1 = input(3, minval=1, title="Smooth %K1") sma3 = input(10, minval=1, title="Smooth %K3") smoothD = input(5, minval=1, title="SmoothD") //k = sma(stoch(close, high, low, length), smoothK) k1 = (sma(stoch(close, high, low, length1), sma1)-50)*2 k3 = (sma(stoch(close, high, low, length3), sma3)-50)*2 //Histogram 1 Calc and Plot hist1 = (k1-k3)/2 plot_color1 = hist1 > hist1 and hist1 > 0 ? green : hist1 < hist1 and hist1 > 0 ? blue : hist1 < hist1 and hist1 <= 0 ? red : hist1 > hist1 and hist1 <= 0 ? orange : white plot(hist1, color=plot_color1, style=line, linewidth=4, title="Diff") //Histogram 2 Calc and Plot //Horizontal Lines h0=hline(0, 'Center', linestyle=solid, linewidth=2, color=gray) h3=hline(50, "OverBought", red, dashed, 1) h4=hline(-50, "OverSold", green, dashed, 1)