This script sets up signals based on Multi-timeframe (MTF) stochastics. Alerts can easily be created to inform users of aggressive and conservative potential BUY and SELL opportunities. Overbought and oversold levels do not matter when it comes to signalling, but each trader can set their own limits.
DEFAULT CRITERION Conservative BUY criteria is when both stochastic timeframes cross upward at the same time the closing price is above the simple moving average.
Conservative SELL criteria is when both stochastic timeframes cross downward at the same time the closing price is below the simple moving average.
Aggressive BUY criteria is when both stochastic timeframes cross upward at the same time.
Aggressive SELL criteria is when both stochastic timeframes cross downward at the same time.
TO SET UP ALERTS 1. In the "Create Alert" menu, select the "MTF_Stochastic_Signal" as the Condition. 2. To the right of the condition select one of the options that has "greater than 1" at the end of it. 3. Instead of the word crossing in the dropdown below, select "Greater Than" 4. For the value, input 1. (My TRUE values are set to 50 in the event you want to turn the plot on, however, this is not neccessary as it is redundant) 5. Select the remaining options that suit your needs and click "Create". You have now set up alerts. I suggest setting all four options fo reach symbol you monitor.
Please feel free to ask questions and provide comments. I am always looking for ways to improve my scripts.
@cxd222, the indicator will go off in real time when the signal occurs. However, the close price will ultimately determine if the indicator is still true at end of trading session.
cxd222
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@cguthrie922, I’m sorry but I think it does repaint really badly, I was using it for live trading and it produced a sell signal on a bar 25 minutes ago that already closed (5minute chart).