Background The KDJ oscillator display consists of 3 lines (K, D and J - hence the name of the display) and 2 levels. K and D are the same lines you see when using the stochastic oscillator. The J line in turn represents the deviation of the D value from the K value. The convergence of these lines indicates new trading opportunities. Just like the Stochastic Oscillator, oversold and overbought levels correspond to the times when the trend is likely to reverse.
Function
[blackcat] L2 KDJ Trading System provides long and short entries for trading.
Key Signal
k --> KDJ K value d --> KDJ D value j --> KDJ J value shortentry --> short entry signal longentry1 --> long entry signal without confirmation syn --> long entry signal with confirmation
Pros and Cons
Pros:
1. Candle height can indicates the strength of trend and different colors are used for indicating KD relationship 2. Exact short and long entries are disclosed
Cons:
1. It may satruate for extreme conditions of long and short as described in the chart, which is inherent KDJ shortcoming
Remarks
Another algorithm for KDJ trading with exact short and long entries
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
릴리즈 노트
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@lsmbx505 thanks for feeding back this error. I just troubleshot it. This is not your problem. The root cause is that Tradingview has change some Pine script rules so that my customized function was not supported any more. After I fixed my function, it becomes normal in this release. Enjoy!
I really love your indicator, Thanks for your sharing :D
blackcat1402
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@billyonair123, glad to hear that, actually, i use them by myself and will improve along time. It is kind of you to comment and provide feedback when using them in trading.
billyonair123
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@blackcat1402, I will, now I adjust setting to be N1 = 6, N2 = 4 and N3 = 4. Can’t wait to see outcome for next trading week:D
blackcat1402
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@billyonair123, i am afraid to say, it works for me well with 6/4/4 in week time frame
Hi May check with you ,what happen to this script , unable to open after I accidentally deleted it.
*This is one of my best indicator.
Thank in advance.
Marcus
blackcat1402
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@lsmbx505 thanks for feeding back this error. I just troubleshot it. This is not your problem. The root cause is that Tradingview has change some Pine script rules so that my customized function was not supported any more. After I fixed my function, it becomes normal in this release. Enjoy!
Black-Hawk2024
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@blackcat1402, What an impressive indicator. What would be settings for scalping only?