In the settings menu, you may specify:
Indicator Timeframe - the chart resolution that is used to calculate values.
Source Length - the number of bars used to calculate the value. The value is the source for the calculations.
Hull Smoothing - how much smoothing is applied to the . Smoothing is accomplished by taking a of the closing price, and using this to calculate the value.
Length - the number of bars used to calculate the of the value.
Time Multipliers 1 through 6 - use this to define what resolution each plot will represent. A value of 1 will represent the current Indicator Timeframe. A value of 3 will represent 3 times the current Indicator Timeframe, etc.
Show Plot 1 through 6 - toggles the display of plots.
How I trade with this indicator:
A value of under 30 represents an over sold state for that particular plot. A value of over 70 represents an overbought state for that plot.
Identify divergences on a lower timeframe plot which are apparent in overbought or oversold conditions, and confirm the signal with an overbought or oversold condition, or a divergence on a higher timeframe plot. Divergences which begin in oversold or overbought territory and end inside the 30-70 range tend to be more reliable signals, in my experience. Like all indicators, this is best when used in conjunction with other indicators. Trend indicators, such as double EMA's and Supertrend are my favorite pairing, and a is a good tool to have as well.
This is my first published indicator! If you find unique ways to use it, drop me a message. I'd love to know what you find. :)
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.