This is a stochastic indicator that show the stochastic in your current timeframe and also the stochastic from the timeframe above (if current is 15 mins - the above is 1 hour etc). When the 2 stochastics align the background colour highlights to emphasise that. The idea being that you have your current stochastic pushing down improving your change of a successful entry and the stochastic from above pushing down showing there is momentum in that direction.
In addition, the indicator will show when positive and negative divergence occurs on the current timeframe. Divergence can be a little subjective but it seems to find the important ones.
Finally, it highlights when the current stochastic crosses. I was finding once you squash it down it gets difficult to see so I made that easier.
For me I don't tend to use the divergence feature (which is ironic as i found it very hard to code) but being able to see what is happening on the timeframe above is a very effective filter saving me from bad trades.
The script is a little scruffy in places but neat enough to adapt to other indicators. Somewhere I have the same principle for MACD - one of these days I'll find it and make it available.
Hope thats useful to people and good luck.
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fixed background highlight for non white screens
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stronger signal filter option to make upper stochastic grey
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bug fix
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bug
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the script stopped working - must be a pine update
I fixed it and modified the input but I've dropped the divergence - its too complicated to fix. Its the previous revision if someone wants to rescue it...
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choose any currency and can see 3 timeframes up
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I FORGOT TO ADD REVERSE JPY OPTIONS
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THIS TIME I GOT IT
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READDED JPY
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Various updates. The auto divergence is long gone.
Hey John, just wanted to say thank you, amazing indicator for me, very grateful! Take care :)
disneywaldeck
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It is not working anymore with errors!
kamalcife
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Thank you awesome
kamalcife
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Hi John, I am using it on 1 min timeframe, i don't see divergence lines showing up.
any idea?
LeLyonnais
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Hi,it doesn't work anymore?
LeLyonnais
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great script :), it's ok with M15 TF ? thanks
john_everist
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@LeLyonnais, yes if your current is 15 min the upper is 1 hour. If your current is an irregular time such as 9 mins, the upper will be x5 the current - 45 mins (5 x 9).