JustUncleL

Stochastic with False bar R2-2 by JustUncleL

This study project is an updated version of the implementation of the "Stochastic False BAR" indicator.

Description:
The standard Stochastic buy/sell indications come from Stochastic crosses about the standard overbought/oversold zones (80/20). This does not always work and you get stuck in the OB/OS zones with a trend continuation. Utilising a second much longer length Stochastic , the "False BAR" (Black) indicates when it is unsafe to take Stochastic cross over trades. Where the false bar does not appear (aqua, no background highlighing), the overbought / oversold conditions of the Stochastic can be considered higher-probability reversal areas and thus trading opportunities.

This Revision:
  • Added options to enable/disable False Bar lines and Stochastic trends.
  • Added options to modify upper and lower limits of false bar Stochastic and trading stochastic trend.
  • Added option to show the trading Stochastic as coloured Ribbon.
  • Added name titles for all plots
  • Added Background highlighting for False Bar.

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JustUncleL
sir i like all your indicators extraordinary and super , sir your service is soo good thank u sir , i am your fan sir
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I just checked the indicator real time yesterday with WTI Crude Oil, seems to work exceptionally well, good work and time well spent coding out false signals
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Thank you so much, UncleL! Getting stuck in the OB/OS zones has been incredibly annoying, and your False BAR indicator has greatly helped to improved the amount of successful trades!
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@hsnyder, Thank you for your feedback. Any form of feedback is always appreciated by myself, and I'm sure other script writers. Feedback encourages me to continue producing free and open scripts in the hope that some of my fellow traders will find them useful and/or inspire other coders to produce an even better script from my examples.
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Hello Uncle!
Fantastic work as always.
Is it possible to
1. Mark the crossover points in the unshaded areas?
What i mean to say is , can we highlight or give buy and sell signals on the candles which are the crossover points for overbought oversold zones in the unshaded portion.
2. No signals to be generated in the shaded areas.
3. Can we combine this with a RSI on similar criteria?

Thanks and regards!
Dheeraj
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JustUncleL dheerajsood
@dheerajsood, The script is not able to signal Buy/Sell on the main chart, it can however it can be modified to change the colour of the Bars that are Buy/Sell and create and alertcondition for Alarm subsystem. Anyone like to try their hand at these changes?
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dheerajsood JustUncleL
@JustUncleL, I wish i knew pinescript. How to do the bar color code?
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bldgr JustUncleL
@JustUncleL, Any chance you can do this like you did on the awesome TRIX histogram R2? Many thanks
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Awesome as usual!
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