B3 3-Stox - Scalping Oscillator
This is an indicator that combines what I see some scalpers use on youtube videos and webinars.
3 Stox = Three Stochastic Readings
Bar Color Code
Fast Line Color Code
Trades to be looked at:
Things to note:
More details: https://drive.google.com/open?id=1PzJ9K4uMcgbUBNUd6Kxqom9Qrp7txj8Q
Enjoy!
~ B3 d^.^b
3 Stox = Three Stochastic Readings
- Fast Stochastic of Highs
- Fast Stochastic of Lows
- Slow Stochastic of Bar Average
Bar Color Code
- Bar Color Coded
- Light Green = Long with trend
- Dark Green = Long counter trend
- Light Red = Short with trend
- Dark Red = Short counter trend
Fast Line Color Code
- Green = Lows leading highs up (Organized Rise)
- Olive = Highs leading lows up (Rapid Rise)
- Red = Highs leading lows down (Organized Fall)
- Fuchsia = Lows leading lows down (Rapid Fall)
Trades to be looked at:
- Trading in the direction of the fast lines, when they are similar to and near one another, in the same direction as the Slow stochastic line's color or slope
- Trading Long Fastline green color when all 3 lines are oversold
- Trading Short Fastline red color when all 3 lines are overbought
- AVOID Trading when fast lines are spread out and a large cloud appears between them (Chop Filter)
- Look for solid up & down & up & etc. oscillation or you can use the slow line to find trends to trade
- Green and red fast lines are organized moves, the olive and purple lines are faster moves and harder to lock in sometimes
Things to note:
- Pairs nicely with a level printing study like B3 Level Break (applied on above chart)
- There are 2 color schemes for the Fast High and Low Stochastic lines, and 2 color schemes for the bars
- In this script the bar average is defined as (open+high+low+close+close) / 5, keep the slow line at a large length input so that you can get a macro trend reading without zooming out the chart
- The Extended Stochastics from one of my previous scripts is defaulted as the style used, however, you may turn that feature off and use the classic Stochastics
More details: https://drive.google.com/open?id=1PzJ9K4uMcgbUBNUd6Kxqom9Qrp7txj8Q
Enjoy!
~ B3 d^.^b