This script is a compilation of several different stochastic indicators (and RSI) where the K value of each indicator is equally weighted. The purpose of the indicator is to combine many indicators together in a fashion that weights them easier. By default, the Stochastic and Stochastic RSI are both enabled - the idea is to speed up the relatively slower Stochastic and to slow down the relatively fast Stochastic RSI. Other Stochastics are also available, including some of my own custom calculations that can also be added to the weighted calculation. Only the K value is weighted, as the D value is just a moving average of the weighted K.
Explained: - Calculates enabled indicators - Calculates the weighted value of K for enabled indicators - Calculates a D value from the weighted K
FAQ: - Why is this script useful? - To weight multiple indicators together so that you can attempt to find optimal values shared amongst the indicators. Ex: If Stochastic RSI is 100 and Stochastic is 50, K would be 75 and not particularly high. If you add in a 50 RSI, the K would be 67 in this example. If we weight indicators together that all have a high value they could potentially help find elements that align together to produce a stronger signal.
DISCLAIMER: For educational and entertainment purposes only. Nothing in this content should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto. DYOR, TYOB.
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Confucius-The-Great
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Hey BigBits, I love your work. Your such a great guy. Thanks for making the world a better place. Maybe in a small way but goodness is exponential. It spreads like rings in the water.
PtahX
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Some really interesting ideas on this one - well done :)
OsMar21
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Thank you very much! Use your code to create my version.
SugarTrader77
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Speechless. This is such a brilliant idea.
blackcat1402
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cool, this add additonal freedom of stochastic indicators to adapt different market conditions.