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Trap Light

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Trap Light is built off the stochastic RSI to provide convenience and make your entries while scalping either long/short more straightforward.
Notes/Disclaimer:
  • This indicator is not guaranteed to work every time. Use it at your own discretion and perform your own due diligence. None of this is financial advice.
  • The main idea behind this is that when the stochastic RSI reaches such extremes that it often moves in a favorable direction.
  • K = momentum or the blue line of the stochastic RSI indicator.
Perks:
  • Don't have to look away from candlesticks and measure stochastic RSI's K level.
  • Simple visual indication of what to do.
  • Don't have to stare at your chart all day waiting for things to get exciting.
How to Use:
(Above the current candlestick on any timeframe)
1. When K is greater than or equal to 99.5, it shows a sell signal. This is to indicate a short entry.
2. When K is less than or equal to 0.5, it shows a buy signal. This is to indicate a long entry.
3. If neither the conditions for a short/long entry are present, it shows a circle that is like a traffic light.
  • Red Light: When K is between 99.5 and 95, a red circle is shown to indicate that a short entry may be available soon.
  • Yellow Light: When K is between 95 and 5, a yellow circle is shown to indicate that neither a long nor short entry may be available soon.
  • Green Light: When K is between 5 and 0.5, a green circle is shown to indicate that a long entry may be available soon.
Alerts:
Set an alert on the ticker you trade to notify you when either the green or red light is present so that you have time to prepare to make an entry either long/short.

The Code:
The PineScript is open-source and annotated to explain different parts of the script for ease of understanding.
@Credit to Kingson1 for this strategy and his feedback on its creation/implementation.
Catatan Pelepasan: I updated the chart to be more clear and easier to understand.
Catatan Pelepasan: Updated the chart one more time. I figured out how to add an image, which makes the explanatory drawing scale correctly, regardless of your zoom on the chart. I also added some notes to the code, to further explain how it works, in case you're trying to learn PineScript to make your own indicators, or to modify this one.
Catatan Pelepasan: 1. I cleaned up the script to remove some fluff. (This probably won't improve performance to any noticeable degree, but it doesn't hurt.)
2. The K can now be seen right next to the candlestick, removing the need to have the stochastic RSI on your chart if you so desired.
3. The indicator is now created via labels instead of plot shapes to facilitate #2.
4. The styling and positioning of the indicator relative to the candlestick have been changed to make it more intuitive towards whether it's moving towards a long/short signal. e.g. Whether the indicator is above or below the current candlestick to be more specific.
5. Red Light and Green Light have been changed to arrows pointing either up or down to make "anticipated" price action clearer.
6. I tried to make the color scheme function on both light/dark TradingView themes.

Disclaimer: This isn't advice, guaranteed, or something that you should utilize without performing your own due diligence and judgment. Thank you and enjoy.
Catatan Pelepasan: I added both the Sell Signal and Buy Signals to the alert menu.
Catatan Pelepasan: The text for the creation of alerts has been corrected.
Catatan Pelepasan: I further updated the alerts menu. I organized the ordering of the available alerts and I separated the max buy/sell signals from the normal buy/sell signals for better customization.
Catatan Pelepasan: Slight tweaks to alerts and formatting.
Catatan Pelepasan: Significant changes to how the script is written so that nearly every part of the indicator is customizable, including color, shapes, and K levels. I cleaned up the code, made a few optimizations, cleaned up alerts, etc.
Catatan Pelepasan: Quick Bugfix
Catatan Pelepasan: Bugfix x2.
Catatan Pelepasan: Converted certain aspects of the script into functions to improve maintainability and ease of working with the code.
Catatan Pelepasan: A lot of bug fixes implemented and additional customizations were added.
Catatan Pelepasan: Added Kriss/Kross 10/50 EMA strategy to indicator. You can display the 10/50 EMA or just use the painted candles. the premise of the strategy is simple when the 10/50 crosses over/under that, there is corresponding bullish/bearish price action as a result. The default alert type for Kriss/Kross is unconfirmed, so the alerts will fire off whether the candlestick has closed or not. You can edit the alert type from the settings for both Traplight and Kriss/Kross.

In the style section of the settings, you can display the 10/50 EMAs if you want to. The alerts and candlesticks work regardless. I also updated the settings to be more transparent and make it easier to understand what each setting affects.

There are prebuilt alerts, 8 and 9, respectively, that can be used for Kriss/Kross.

This is an addition to the strategies as another potential alert for entry into positions, similar to how Traplight functions, so confluence between the two is good. I am currently working on incorporating a more refined version of my HHLC/LLHC candlesticks indicator to Traplight. However, it is still currently in the works. The WIP code is at the bottom of the script's code.
Catatan Pelepasan: Big update, added a table in the top right that analyzes Trap Light and Kriss/Kross signals for multiple timeframes so that you don't have to browse the different time frames while doing due diligence. Removed the ability to turn off different K Levels for Trap Light as well as the ability to edit the K level values, because they were making it too complex to upgrade the indicator as well as creating several situations where the indicator just breaks if you change those settings in certain ways. I cleaned up the code, added the 200 EMA, and removed the WIP Reversal Candles addition from the code. Currently, I'm not planning to add in the Reversal Candles piece to Trap Light. And finally, I cleaned up the settings menu a bunch by removing unnecessary options, etc.
Catatan Pelepasan: Bug fixes.
Catatan Pelepasan: A quick update that re-added the ability to customize the Stochastic RSI settings and added a simplified view to the table's Trap Light column (K). With the simplified view, the table will only show the colors to indicate the closeness to either a buy/sell and then "Buy" or "Sell" if a max buy or max sell signal is present.
Catatan Pelepasan: Added 17 EMA (purple) and increased the max # of TL candles back to 54 from 15.
Catatan Pelepasan: Changed a few default settings to prevent confusion for current users and added the previous day's open and close prices for the current symbol. They can be turned off/on via the "Lines" checkbox within the style tab of the settings.
Catatan Pelepasan: Bugfix for settings menu.
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