Lij_MC

Double Stochastic Divergence

Same as my protected script but you can now see the code

This Study plots divergences and overlays a second %K as a fractal and changes the color of %D for the non fractal
Option to use Stochastic RSI for Fractal
Background Shading according to trend

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

Notes de version: Added Background Highlights for Over Bought and Over Sold Regions
Notes de version: ...
Notes de version: Added ADX 2 Resting Bar Buy / Sell Entry Signal
Notes de version: Background Color now according to MA Crossover
Adjusted Colors
Notes de version: Much anticipated update

More options for Background Color Change, besides MA crossover color change options now include;

MACD Direction

&

Dad Direction (Top Dog Trading)



Also Added Alerts for;

Background color change

&

Divergences
Notes de version: 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
Notes de version: Small adjustment
Notes de version: Adjusted Background Shading Intensity
Notes de version: Changed Values for Main Stochastic to;

K = 5
D = 3
Smoothing = 2

Added an extra Trend Bar. This 1 only shows MA Cross or where the Minor Base Line is in relation to the Major Base Line

Added Highlights to the Trend Bar to show possible Momentum Setups - Please use this with caution and in relation to Price action and S/R
Notes de version: 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
Notes de version: Adjusted;

Filter X parameters

Trend Meter Background Highlight - Filter X + 3 Trend Meter Conditions Met (Minor / Major Base Line Cross Excluded)
Notes de version: Fixed fault with background highlight of trend meter
Notes de version: Added ability;-

to Change the Color of the Main Stochastic

to Turn the Fractal / Secondary Stochastic off from the menus
Notes de version: Updated Alerts so now you can see them properly when entering
Notes de version: Fixed issue with Alerts
Notes de version: Divergences Offset to Realistic Entry Point
Notes de version: Trend Meter Background Highlight when all 3 conditions are met

Adjusted Alerts
Notes de version: Fixed Fault with background highlights
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Commentaires

Another great divergence trading guide

https://youtu.be/McZJPGsuYXQ

Please note I am not the guy in the video
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A great guide to trading divergences

https://youtu.be/JXSJDE3EzN8
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