This chart overlay indicator can signal multiple triple-timeframe Stochastic RSI overbought and oversold confluences directly onto your chart, intended for use as a confluence either for reversal trade entries, or potential trade exits, indicating where price may be probable to reverse.
Features include:
- Primary set of fully configurable triple-timeframe overbought and oversold signals, indicating where 3 selected timeframes are all overbought or all oversold at the same time. Enabled by default. - Secondary set of fully configurable triple-timeframe overbought and oversold signals, indicating where 3 selected timeframes are all overbought or all oversold at the same time, with alert option. Enabled by default. - Also includes standard configurable Stoch RSI options, including k length, d length, RSI length, Stochastic length, etc. - The default primary MTF #1 timeframes are set to 1minute, 5minute and 15minute. These are highly suitable for low timeframe scalpers trading on charts less than 5 minutes, and can often pin point price reversals. - The default Secondary MTF #2 timeframes are set to 15minute, 30minute and 60minute. These are suitable for both low timeframe scalpers and considerably higher timeframe traders. - Optional drawing of background colours and/or ribbon seen at bottom of the chart. - Fully configurable timeframes, as well as overbought and oversold threshold levels for each individual timeframe. Overbought and oversold thresholds are set to the factory 80 and 20 levels respectively for all timeframes by default. - Alert features for both MTF #1 and MTF #2 triple-timeframe confluences, including options for alerting overbought and oversold individually, as well as an option for alerting either overbought or oversold in a single alert.
Note: THe features listed above are accurate at the time of publishing but maybe updated or added to in future.
The Stochastic RSI
The popular oscillator has been described as follows:
“The Stochastic RSI is an indicator used in technical analysis that ranges between zero and one (or zero and 100 on some charting platforms) and is created by applying the Stochastic oscillator formula to a set of relative strength index ( RSI ) values rather than to standard price data. Using RSI values within the Stochastic formula gives traders an idea of whether the current RSI value is overbought or oversold. The Stochastic RSI oscillator was developed to take advantage of both momentum indicators in order to create a more sensitive indicator that is attuned to a specific security's historical performance rather than a generalized analysis of price change.”
How do traders use overbought and oversold levels in their trading?
The oversold level, that is when the Stochastic RSI is above the 80 level is typically interpreted as being 'overbought', and below the 20 level is typically considered 'oversold'. Traders will often use the Stochastic RSI at an overbought level as a confluence for entry into a short position, and the Stochastic RSI at an oversold level as a confluence for an entry into a long position. These levels do not mean that price will necessarily reverse at those levels in a reliable way, however. This is why this version of the Stoch RSI employs the triple timeframe overbought and oversold confluence, in an attempt to add a more confluence and reliability to this usage of the Stoch RSI.
This indicator was originally built as one of a many features included in the RF+ Divergence Scalping System and has been separated into it's own standalone indicator here for traders who do not want the many other features bundled into the original indicator. A number of features that exist in the original were intensive, and also quite niche. Therefore this lightweight single purpose chart overlay indicator offers this versatile feature of the ever popular Stochastic RSI to a wider audience of traders who may add it to various strategies.
Nota Keluaran
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- Updated the default triple timeframes for the secondary set of MTF confluences to use 15m, 30m and 120m (instead of 15m, 30m and 60m)
Nota Keluaran
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- Improved label description for including current timeframe Stoch RSI overbought and oversold signals in ribbon. - Corrected the current timeframe ribbon signals to print once, in MTF #1 colours, not twice.
Nota Keluaran
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- Renamed setting "Include current timeframe OB/OS in MTF #1 ribbon" and moved it into the MTF #1 settings section
Nota Keluaran
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- Added configurable OB/OS thresholds for the current timeframe chart ribbon signals and separated that option out above the MTF #1 and MTF #2 sections - Relabeled the MTF #1 and MTF #2 ribbon options for greater clarity.
Nota Keluaran
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- Corrected tooltip text
Nota Keluaran
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- Added a bar color option to show the MTF confluences. Disabled by default. - Changed the default colours for the MTF #1 overbought and oversold signals, to distinguish them apart from the MTF #1 signals, and to match other indicators in range. - Renamed variables, removed unused variables.
Nota Keluaran
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- Updated the MTF alerts so it doesn't trigger multiple alerts for overbought or oversold if the previous bar was overbought/oversold, and therefore already triggered an alert.
Nota Keluaran
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- Added a feature to the settings menu to optionally present the 3x oscillator values of the MTF #1 timeframes as a table.
Nota Keluaran
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- Added an optional table that presents the oscillator values for each of the 3 MTF #1 timeframes, with colour coded values when they reach their overbought and oversold thresholds.
Nota Keluaran
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- Updated the MTF values table with additional features to optionally show MTF #1 values only, MTF #2 values only, or the values of both sets of MTF confluences.
How can we modify the code for 1W,1D, and 4H time frame, and another 1D, 4H, and 15m time frame? I think the current code has limitations over 240m Will the code calculate those values irrespective of the actual selected timeframe of the chart?
PHVNTOM_TRADER
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@FullmoonT, it should be possible to pull data from higher timeframes.
in the code there are lines that relate to the timeframes in the dropdown, which end currently at "240". if you added another field or two for "D" and "W" to each of those lines of code relating to the dropdown inputs, it might do what you want. There may be limitations as to how much data, or how high a timeframe in relation to the timeframe of the chart you are on, that may limit what is possible. I can't recall off the top of my head tbh. But you could start by adding those additional options to each of the dropdown fields and try it. The indicator was not originally designed for the multiple timeframe behaviour to include such high timeframes.
You can see the related lines of code are, I think, on lines 40,41 and 42. And also lines 84, 85 and 86, at the time of writing. In the 'options' parameter, after where it says "240"], edit so it is ..."240", "D", "W"] for each of those lines.
pdng4785
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Hi love your script
Thanks for your code and hope you dont mind i want to change it a bit, just a quick question if i add the following code :
@tvenn, hi Tvenn, sorry for the late response but thank you for responding to me. I had some issue and was away from trading and my laptop. I want to script my own indicator but have limited knowledge on pine script. I want two MTF Stochastic RSI's ( the daily and weekly) and both should display the same time on my chart , if they both above the 80 level and turn , they should print "Sell Signal" a and if the both below the 20 level turning up it should print a "Buy" signal and both Stock RSI's should display in different colors, one can be the standard color blue/orange the other any 2 colors. will you assist me if i share my code. currently i cannot get it right to display the "daily and weekly together
regards
PHVNTOM_TRADER
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@pdng4785, did you find the last script I sent useful?
pdng4785
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@tvenn, Morning hope you are well, i didnt receive the Script or are you referencing " MTF Fantastic Stochastic (FS+)"
pdng4785
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@tvenn, thanks i found the script and yes great script as well. i love the way it works , very useful , i think my target objective is to see the daily and weekly the same time and when they both point in the same direction up/down an alert on the chart a buy or sell signal must be printed. i will use portions of your script and if i have issues i might reach out to you one more time. thanks a million you are really awesome!!!!
Providr
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Nice work. Thanks. What settings do you recommend for 15m timeframe?
I'd suggest the default 1m, 5m, 15m still. I use those on the <5m but it should be equally as useful on the 15m, since it will be identifying the same price level. The backgound colour signals should also repaint, meaning if you're watching the chart, and a 15m candle dips low, the MTF oversold signal paints, then the candle rises up, the signal may disappear by the time that candle closes, but you can still use those signals in realtime on the 15m as it appears. And can also notify them.
Check out the MTF Commodity Oddity, too. It's the CCI version of this chart overlay. Both also come in panel indicator form, so you can present the signals in different ways, inc the ribbon at the top/bottom of the chart, the chart background colours, highlighted oscillator line on the panel indicators, background colouring on the panel oscillators, and also bar colouring.
Links here, also can be found in my Tradingview profile. Check out the CCI if you find this one helpful. They work nicely together for the MTF overbought and oversold signals for reversal trade confluences. They're also bundled together in my RF+ Divergence Scalping System indicator, and both sets of 1m, 5m, 15m are also bundled into my UFO panel oscillator, which is a UO crossed with an MFI, if that's of any interest. Both the RF and UFO can then alert to an MTF oversold or overbought, with the same Alert, regardless of whether it's prduced by the CCI or Stoch RSI.
Will the code calculate those values irrespective of the actual selected timeframe of the chart?