█ MY TDI / STOCH INDICATOR This indicator shows a panel to display the Oversold and Overbought zones based on TDI and STOCHASTIC
The panel contains multiple elements : • The top straight band : The STOCHASTIC overbought area • The bottom straight band : The STOCHASTIC oversold area • The middle waving band : The TDI Bollinger Bands • The RSI line in Yellow • 6 STOCHASTIC Lines : Period 15, 32 and 50
Behavior : • When the STOCHASTIC lines are in the overbought area, their color changes from GRAY to RED • When the 6 STOCHASTIC lines are in the overbought area, the top band background changes from GRAY to RED • When the STOCHASTIC lines are in the oversold area, their color changes from GRAY to GREEN • When the 6 STOCHASTIC lines are in the overbought area, the top band background changes from GRAY to RED • When the RSI line is BELOW the Bollinger Bands, and with an oversold RSI, the line's color changes from YELLOW to GREEN • When the RSI line is BELOW the Bollinger Bands, and with an oversold RSI, the Bollinger Bands changes from GRAY to GREEN • When the RSI line is ABOVE the Bollinger Bands, and with an overbought RSI, the line's color changes from YELLOW to RED • When the RSI line is ABOVE the Bollinger Bands, and with an overbought, the Bollinger Bands changes from GRAY to RED
A buy signal is when both Bollinger Bands background and Top+Bottom bands background are GREEN A sell signal is when both Bollinger Bands background and Top+Bottom bands background are RED
THIS INDICATOR IS NOT BULLET PROOF, IT ONLY GIVES AN INDICATION ON POTENTIAL REVERSAL DUE TO OVERSOLD OR OVERBOUGHT. IT IS NOT BECAUSE IT TRIGGERS A BUY OR SELL SIGNAL, THAT THE PRICE WON'T CONTINUE IN THE SAME DIRECTION FOR A COUPLE MORE CANDLES. DON'T USE THIS INDICATOR BLINDLY, FOLLOW YOUR OWN ANALYSIS, AND USE THIS INDICATOR AS CONFIRMATION.
Alerts are available to notify you when a market is about (5min) to close or open. To create an alert • Open your chart • Right click on the chart window • Add Alerts for... • Condition: chose My:TDI/STOCH - {{ticker}} - {{interval}} - Buy (for example) • Options : Once per bar • (OPTIONAL) update the title and description • Validate