Featherlite RSI - Extra Sensitive
This is a combined relative strength index (RSI) ans stochastic RSI indicator set to the super sensitive period of 2 candles.
I use this setting particularly on higher timeframes such as M, W, D but can also be useful on 4h. However lower timeframes, will become to noisy.
If you compare to the standard setting of 14, you can...
3 stochastic K-lines with short, medium & long periods & the D-lines removed.
Provides a good indication of where you are in the current supply/demand cycle & I find it helpful for timing entries.
Look for peaks & valleys formed by 2 or 3 lines, & entry would be when they start to turn around.
Try it on multiple timeframes & of course use confluence with other...
Easy to use RSI and Stoch
Setting Menu has an option to toggle the RSI and Stoch ON and OFF for your own preference.
Great for reducing clutter when comparing oscillators, while giving the ease of use to just click the toggle option instead of having to find and reset your indicator settings.
Colour schemes adjustable in Settings Menu for personal taste.
This script calculates both RSI (Relative Strength Index) and Stock (Stochastic) RSI Indicators, and plots them with a distinctive background on the same graph. The colors were chosen to be very easy on the eyes.
I published it as a way to give back to this community. Use your own judgement when trading, I am not responsible for any losses resulting from the use...
just to show a concept . I use volume S to make it as stoch and add to it MTF function
if you do not like the MTF fuction just remove it from code or put the time frame of graph to be exact as MTF one
I did not add alert as it just a concept idea , to make it more complex it easy if you add more indicators to it and then compare the...