OPEN-SOURCE SCRIPT
Customisable Stoch RSI [10 PRESETS INCLUDED]
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Customisable Stochastic by Nicholas Kormanik
A stochastic oscillator is a momentum indicator comparing a particular closing price of a security to a range of its prices over a certain period of time.
The sensitivity of the oscillator to market movements is reducible by adjusting that time period or by taking a moving average of the result.
It is used to generate overbought and oversold trading signals, utilizing a 0–100 bounded range of values.
In this version we have 4 levels
top levels are
95 - extra overbought
80 - semi-extra overbought
70 - standart overbought
bottom levels are
5 - extra oversold
20 - semi-extra oversold
30 - standart oversold
Message by Nicholas Kormanik:
"The formula I've adopted was put on the Silicon Investor web site thread by
'bdog'. Basically, I just leave the Slowing Periods (mp3) to 1, so it
really plays no part in things. However, if somebody presents a good
argument for using other than 1 ... hey, I'm amenable.
Chande, the original inventor, didn't use a moving average on the whole
thing. Chande's result was therefore sort of choppy. I guess along the way
people decided to add the EMA Periods to smooth things out."
There are 10 presets, try to find your best!
[Presets]
1. 5 -- 5 -- 3
2. 8 -- 8 -- 5
3. 13 -- 13 -- 13
4. 21 -- 15 -- 13
5. 21 -- 21 -- 13
6. 34 -- 34 -- 13
7. 55 -- 55 -- 21
8. 89 -- 13 -- 34
9. 89 -- 89 -- 21
10. 233 -- 233 -- 34
On the chart im using 9th preset and the timeframe is daily on BTCUSD pair.
*DISCLAIMER*
Use this indicator for educational purpose only, i don't recommend you to use it to trade for real money!
A stochastic oscillator is a momentum indicator comparing a particular closing price of a security to a range of its prices over a certain period of time.
The sensitivity of the oscillator to market movements is reducible by adjusting that time period or by taking a moving average of the result.
It is used to generate overbought and oversold trading signals, utilizing a 0–100 bounded range of values.
In this version we have 4 levels
top levels are
95 - extra overbought
80 - semi-extra overbought
70 - standart overbought
bottom levels are
5 - extra oversold
20 - semi-extra oversold
30 - standart oversold
Message by Nicholas Kormanik:
"The formula I've adopted was put on the Silicon Investor web site thread by
'bdog'. Basically, I just leave the Slowing Periods (mp3) to 1, so it
really plays no part in things. However, if somebody presents a good
argument for using other than 1 ... hey, I'm amenable.
Chande, the original inventor, didn't use a moving average on the whole
thing. Chande's result was therefore sort of choppy. I guess along the way
people decided to add the EMA Periods to smooth things out."
There are 10 presets, try to find your best!
[Presets]
1. 5 -- 5 -- 3
2. 8 -- 8 -- 5
3. 13 -- 13 -- 13
4. 21 -- 15 -- 13
5. 21 -- 21 -- 13
6. 34 -- 34 -- 13
7. 55 -- 55 -- 21
8. 89 -- 13 -- 34
9. 89 -- 89 -- 21
10. 233 -- 233 -- 34
On the chart im using 9th preset and the timeframe is daily on BTCUSD pair.
*DISCLAIMER*
Use this indicator for educational purpose only, i don't recommend you to use it to trade for real money!
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