The concept of the Double was to smooth out the existing by applying a to the existing (hence the Double). My concept for the Triple is much different. It combines a regular , , and the to get a smoothed output based on all 3.
Also - since I love being able to see a Squeeze (see my Squeeze Pro indicators - Squeeze Pro 2 & Squeeze Pro Overlays) I added the Squeeze to the (the dots). If you're unfamiliar with how a Squeeze works, or what it is, check out my links for explanation. A quick explanation however is that the Squeeze is an indicator that was invented by John Carter that detects price compression before a big move out of a range. This is done by using and , the BB shrink inside the KC. The color of the dots represent the depth of the BB in the KC, white (or black) being the lightest squeeze, red being the standard squeeze, and yellow being the strongest squeeze. Now on to the indicator:
The first thing you'll notice is the options available for the type of you'd like to use:
Standard: This is a regular
Stochastic RSI: This is the standard
Double: This is the on top of a from the prior version
Triple: This is simply an average of all 3 of the above combined together
(Top indicator shows the Triple )
The options "K", "D", and "Smooth" are the settings from a regular used to set up the type of you choose to use.
Now let's say you're not sure how one type performs compared to another, or you like the quickest momentum change but also like to see the smoothest trend, or you want to use the same types of and watch for them to cross like moving averages - for these reasons I added the ability to add a second for comparison.
(2nd indicator shows a fast and slow Triple together )
Quite obviously, the "K 2", "D 2", and "Smooth 2" are what is used in order to set the parameters for the second .
Now another thing I added was the option to replace the regular and instead look at the distance between the K and D. By turning off "Use K% and D%" you get to see this in action. To put it simply, a cross above zero would indicate a positive crossover, and a cross below zero would represent the opposite. There's also an option titled "SMA Length using Difference" which, to smooth this out a bit, allows you to apply a moving average to the distance. By setting it at 1 you'd see the actual distance between K and D.
(3rd indicator shows the K and D distance used as a plot)
Another thing I wanted to do was add a different type of background that wasn't based on the indicator itself. I decided to use & DMI which is a great way to determine the trend. When you select "ADX/DMI BG" the BG colors will change from being based on the indicator to being based on and DMI.
(The 3rd indicator also shows the /DMI BG being used).
And now finally the last feature I decided to add takes us back to the Squeeze. Essentially it is just the shown through the lens of Squeeze momentum, as I ended up plugging the output into the Squeeze momentum formula to create an oscillator. By selecting "Use Oscillator" you will see this in action as well.
(Bottom indicator shows the oscillator addition)
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.