ABOUT THIS INDICATOR This indicator calculates the Stochastic RSI for the time frames 15 min, 30 min, 1h, 4h, and 12h. However, the 15 min time frame should always be the default time frame for your chart.
IMPORTANT * NOTE! It's extremely important that the chosen time frame for your chart is 15 min. Otherwise the Stochastic RSI for the longer time frames won’t be correctly calculated. * Stochastic RSI will be calculated and displayed in a table for the time frames: 15 min, 30 min, 1h, 4h, 12h. * All time frames are based on closed bars except the "15minR" that are realtime updated values calculated on a 15 min time frame.
ABOUT STOCHASTIC RSI The Stochastic RSI (StochRSI) is a momentum indicator that ranges between 0 and 100. A Stochastic RSI value above 80 is considered overbought and below 20 is considered oversold. By using different time frames you can get a better idea of what direction the trade could take in a "longer" perspective.
SETTINGS 1.) Length RSI = 14 (default period) 2.) Smoothing parameter of Stochastic RSI (Length Moving Average = 3) . Moving average of stochastic RSI * By default the displayed Stochastic RSI values are smoothed values of the actual Stochastic RSI. The smoothnes is formed by a calculated moving average of with the length of 3 by default. If you want Stochastic RSI with a sharper signal (higher risk for "false alarms" being more sensitive) change the Length Moving Average to = 1 (no smoothness at all)
You can see the selected "Length RSI" and "Length Moving Average" on top of the Stochastic RSI table.
Next version of this script will be updated with more a more flexible solution for different time frames.
* NOTE, Tradingview comes with a inbuilt Stochastic RSI. See the the chart below. The blue line in the Stochastic-RSI chart represents (K value = 3) the same value as the script calculate/display in the table.
Sorry for unintentionally giving misleading information. As of now the script gives the correct Stoch-RSI values in the table for the time frame you choose, and for time frames longer than that specific chosen one. This means that right now the table will not display the values for shorter time frames than your chosen one correctly. This is why I recommend that you for now make 15 min (the shortest time frame possible) your default, by which the Stock-RSI values in the table for all time frames longer than the chosen 15 min will be correct. The script can definitely be improved and I will fix an updated script, as soon as possible, that only displays values for time frames longer than or equal to whichever you choose.
albifolc
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Hi mate, Nice job. Love it. Can you tell me why "It's extremely important that the chosen time frame for your chart is 15 min. Otherwise the Stochastic RSI for the longer time frames won’t be correctly calculated." What if i set "timeframe.period" = "15", wouldn't it be ok?