This Study plots divergences and overlays a second %K as a fractal and changes the colour of %D for the non fractal
Feel Free to change the indicator values to suit your style / system
The divergence script is thanks to @RicardoSantos, I've just adjusted it to suite my indicator
Remember that divergences work best when traded with the trend or very late in a trend when going against the trend
Common value for %K is 5, I have chosen 3 as it gives faster entries when using multiple time frames
If you are not using a momentum indicator as a trailing stop and using only cycle indicator then I would recommended %K be 4 for exits
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Added option to use Stochastic RSI for Fractal also added option to plot RSI
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Added Background Shading according to trend
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Added Background Highlights for Over Bought and Over Sold Regions
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Added ADX 2 Resting Bar Buy / Sell Entry Signal
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Background according to ma cross
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Added Trend Barmeter so now you can add confluence to your entries
3 Trend Barmeter lines, choose from MA Cross, MACD Cross, Dad Direction (Top Dog Trading) or Trend Candles
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Adjusted Background Shading Intensity
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Removed ADX 2 Possible Entry Signal and RSI Plot
Added Momentum Setups to Trend Meter - Very Powerful Entries but Use With Caution
Look for Support or Resistance Levels for price to be attracted to
Enter Long above the Setup Bar
Enter Short Below the Setup Bar
When looking to break out from Trendline or S/R Level - Look for confluence by ensuring all 3 trend Meters are Highlighted the Same Color
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Adjusted;
Filter X parameters
Trend Meter Background Highlight - Filter X + 3 Trend Meter Conditions Met (Minor / Major Base Line Cross Excluded)
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Fixed fault with background highlight of trend meter
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Added ability;-
to Change the Color of the Main Stochastic
to Turn the Fractal / Secondary Stochastic off from the menus
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Updated Alerts so now you can see them properly when entering
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Fixed issue with Alerts
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Divergences Offset to Realistic Entry Point
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Trend Meter Background Highlight when all 3 conditions are met
Adjusted Alerts
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Fixed Fault with background highlights
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Updated Background Highlight and adjusted some menu's
Added Highlights for;
RSI Signal Line Cross (RSI = 13, Linear Regression Signal Line = 21) - Extremely powerful signal
MOM DAD Cross (Topdog Trading)
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Fixed a fault with the background colors that was introduced by Tradingview Adjusted colors and thickness of stochastic lines to make them more visually appealing
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Removed The Trend Meters along with a Lot of Clutter (If you still need a Trend Meter please add it from my other Scripts on my Page) Added On Balance Volume as an input source option for both Stochastics Changed the look of the Stochastics for better visual appeal