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Simply Stochastic Oscillator with multi timeframe functionality.
Looks interesting to see how H1's 5, 3, 3 Stochastic gives an early signal for reversal on 5 minutes timeframe.
*Actually I never use Stochastic on my trades (hmm I used it anyway..., when I started to learn about forex trading years ago). So if you have a profitable strategy using Stochastic please share your thoughts!
Instead of using the popular MA periods like 50, 100, 200, or Fibonacci numbers, I prefer to use the actual periods of the daily, weekly, monthly or even yearly to get its average price. It's just making more sense for me.
For example, I want to know what the H4 price is doing compare to its monthly average price. So I will use 120 periods on my MA, assuming that 120 bars on H4 chart equals to 1 bar of monthly chart. For weekly average price, I will use that 120 periods on H1 chart, and to get daily average price, I use 96 periods on 15 minutes chart.
However it's not that practical if I switch to lower timeframe but still want to keep looking at the monthly average price for example, since I have to change the periods to 480 on H1 chart, and 1920 on 15 mins chart. Though it can be saved as a template, I don't think that large number really represents the actual average price.
This indicator tries to solve this issue. Not only not to always change the periods when switching between timeframes, it also keeps the average price value of the selected timeframe.
The indicator also lets you clearly see the trend. If the close average line is above the open line, you are on an uptrend, and vise versa. The distance between open, close, and median lines also signs the healthy of the trend.
On exhausting trend, sideways, sometimes pullbacks, the close and open lines will be closer to each other.
The crossing of the close and open lines can be assumed as a trend reversal (you have to also confirm it by checking the price action).
Please note that if you are using the non smoothing line, the last bar of the selected timeframe is still running and not closed yet, so you will see the high, low, close, and median lines of the last periods are changing especially on minutes timeframe.
- Multi timeframes
- Available MAs: Simple, Exponential, Hull, Weighted, Wilder Smoothing, Time Series, Triangular, Vidya
- Smoothing and non smoothing lines
This indicator is inspired by Donchian channel.
However, instead of periods, it draws the channel based on the price information of the bar of the selected timeframe, including high, low, open, close, median, typical, and weighted prices.
No need to put all the lines into the chart. The high, low, and median price lines are good enough and may help to see these lines as a support / resistance.
These are how I use it:
1) On trend following trade, I wait for the price correction into the median line (or high/low price line). Enter the trade on that pullback breakout.
2) On reversal trend trade, once the price crosses the median, wait for the price to break the latest swing of the prevail trend and then new swing low is created (or swing high on down trend reversal). Trade entry is similar as (1).
This indicator shows the trend direction based on major swing levels (higher lows on uptrend, lower highs on down trend) and switches direction when they get broken. A pullback starts when price went at least a certain amount back (ATR x multi) and lasts for a minimum of bars.
The Gioteen Norm indicator is a custom oscillating indicator that represents normalized price. It is a rather simple oscillating indicator which is unbounded and oscillates with a midline of zero. This allows the indicator to mimic the movement of price action quite closely.
This is the cTrader version of an indicator found on TradingView with some minor changes (up and down bars have slightly different colors):