Sharing this version of the Color Stochastic indicator with my template here to anyone who reads, researches and likes to keep things simple. There are many versions of this indicator all around, but this one is special. I find it useful when determining the 4H reversals and trend changes. I usually trade on smaller timeframes only in the directions given by this indicator.
It can redraw the arrow of course, until the last 4H candle is open and it needs confirmation on smaller timeframes for exact entries, but it gives a good general idea about the direction of the market and where the early trend breaking points are.
After some experimenting, found these settings to be useful for me although it could be better if it would have at least a third level (mid line, 50)in the middle of the zone.
The best would be a version with 2 zones and a 50 line.
I would probably zone the extremes, when entering and exiting levels 10 and 90, then standard stochastic zones at 30 and 70 and there would be the level 50 to alert when crossing the middle line.
Could someone please upgrade this beauty so that it at least gives an arrow and alert when it crosses the 50 line (cross over = up arrow, cross under = down arrow reasonably) and another zone, so that there would be 5 crossing lines for the alerts all together. It would be much more precise that way.
It would also improve if someone could code in all the arrow options, like arrow size, arrow gap and change arrow symbol code.
Is there anybody here who could spice up this stochastic indicator without much hassle?
I would love to improve this indicator myself with the features mentioned, unfortunately i do not know any MQL4 coding
I started studying Pinescript but I gave up Tradingview altogether because of the bug they have with charting MTF indicators. It is just messed up and with all the options offered, Tradingview simply still can't chart MTF indicators the way MT4 does.
