Oscillator is combining MACD
oscillator. When both, MACD
are aligned with direction of trend, it improves probability and strength of such signal. There's possibility to also activate second Stochastic
as additional confirmation of the signal. One of winning setup is to keep MACD
settings standard - 12,26,9 and both Stochastics with slightly longer settings - 14,7,7 & 21,14,14. Figures at top are displaying trend coming from MACD
. Background is coloured when all signals are aligned. Stochastic
is generated signal only if it travelled back recently from overbought/oversold zone - this improves reliability of generated signals.
Alerts are included to inform when trend is aligned.
If you're interested in access for oscillator, please DM
me on Tradingview.com ;)