This script was created to provide confluence when entering trades. Trades are entered as scalp trades with trailing stops, that sometimes turn into swing trades.
This script is composed of three elements:
EMA Cross Indicator
Money Flow Indicator Oversold/Overbought
Triple Stochastic - The Core Component of this script
EMA Cross: The EMA Cross provides a rough idea of trend direction. The 50 horizontal line will flash green/red depending on the current EMA crossover status. The EMA values can be changed depending on your preference. This indicator is not used for entries. It only provides confluence for entries.
Money Flow Indicator: The money flow indicator will flash green/red in the background when it is oversold/overbought. It could be referred as an early signal before a potential big move. Not used for entries, just as a warning to get ready for a potential big move.
Triple Stochastic: This is the core and magic of the script. This indicator uses the 3 stochastic to provide signals for trade entries. The 3 stochastics use different calculations to provide the differing length of the oscillators. The slow stochastic will flash red when in overbought/oversold areas. Using these 3 stochastics can provide 3 types of entries.
Trade Entries:
Extreme Opposite Entry - Entry when slow stoch is red and the super-fast stoch is on the opposite extreme.
Rebound Entry - Entry upon reversal signal where super-fast and fast stochs trigger a move in the opposite direction and then retrace to retest the slow stoch.
Continuation Entry - Entry during a trending market when super-fast and fast stochs retrace to retest the slow stoch.
This indicator can be used with any timeframes, although 30m is where I find the cleanest signals.
Some examples are provided on the chart, I will provide detailed explanations for ideal signals below.
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I just updated this script using the calculation of the Slow/Fast stoch using Mathsio's "Krong Stochastic_Picte" script. The script was originally written using slow stochs with high smoothing but in the end, Mathsio's stochs provided better results for what I was trying to achieve for the rebound entry.
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Added an alert to give a signal when Extreme Opposite Sell/Buy conditions are met.
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Updated the "Extreme Opposite Alert"
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Updated the calculation for Super Fast Stoch. It has been converted to the Mathsio calculation. Also updated the appearance of the EMA Crossover thickness to stand out more. Take note, the Stoch thickness has also been increased as I am using the charts in full screen now.
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// 20210407 - Updated the colors to match my template. (Broncos Blue & Orange!)
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// 20210411 - Renamed the stochs to Fast, Medium & Slow to avoid confusion. // 20210411 - Removed alert for Rebound Entry. Not working as intended.
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// 20210411 - Added minval to Increase/Decrease K Length