It shows the divergence of two symbols using stochastic as values and a criteria for divergence.
Posting the original description here too :
This one is from the book a friend sent to me : "Evidence-Based Technical Analysis Applying the Scientific Method and Statistical Inference to Trading Signals" from David A Ronson._____________________________In one place (starting from page 430 ) the author is mentioning the use of stochastic (he calls it a "Channel normalization operator" but from a definition of it it is clear that it is what we usually refer to as "Stochastic") to detect divergences of two symbols. The idea itself is simple and that is why I like it : 2 stochastics of a smoothed price are calculated for the current symbol and for the symbol that is used to comparison. Then the difference of those 2 stochastics is calculated. The a further enhancement is done by one additional stochastic applied to this difference in order to get clearer and more usable values.
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Upgraded code (made more efficient) and some possible issues solved. In case of setting rsi period to <= 1 you are going to get "simple" double stochastic (so it belongs to this thread then). If the rsi period is > 1, then you get double stochastic of rsi
- Double Stochastic RSI fl.mq5
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Hi Hannele, made this one. added 6 different rsi options ,Regular RSI,Slow RSI,Rapid RSI, Harris RSI,RSX and Cuttlers RSI. Also has options for coloring, color on slope, color on middle line cross and color on outer levels cross.hannele wrote:Hi mladen,
Is it possible to have this one for mq4 please ?
- Double Stochastic RSI.mq4
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