John F. Ehlers introuced his Stochastic RSI in August, 2006.
Function
John Ehlers' article in August, 2006, "Modeling The Market = Building Trading Strategies," describes a process for extracting trend and cyclic elements from market data, then recombining them for trading purposes. He used the Stochastic RSI denoted the cyclic elements.
Key Signal
StochRSI--> Ehlers Stochastic RSI fast line Trigger--> Ehlers Stochastic RSI slow line
Pros and Cons
100% John F. Ehlers definition translation, even variable names are the same. This help readers who would like to use pine to read his book.
Remarks
The 70th script for Blackcat1402 John F. Ehlers Week publication.
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
Thank you, you are amazing
I have a question, I'm now using this buy sell signal to trade "BTC/USDT - 1mins" but sometime it got very accurate but sometime it lag
Could you recommend me which script of your work that work best to trade "BTC/USDT-1mins"?
blackcat1402
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@truelight2293, the higher time frame you use, the more stable results you will obtain. Any accident may affect 1min. For example, if you accidentally make a mistake of buying and selling, what artifact can prevent all accidents from happening and make accurate predictions?
blackcat1402
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@truelight2293, If you trade in 1 minute, the most important thing you need to prepare is to accept any unexpected time of adventure and gambling spirit
flyhigher2828
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Thank you for this nice script ! Keep up the good works .
breata
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Thank you for your work. I began to understand the market better, using your scripts
blackcat1402
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@breata, I am very happy to hear that you can get inspiration from these scripts
Jittra
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This is getting better. Thanks. It's more accurrate, only if smooth was done probably ner great.
blackcat1402
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@Jittra, thanks, after reading many literatures of Dr. Elhers, I found that he also made evolution of the same type of indicator along years because of new understandings :D
Jittra
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@blackcat1402, and you gonna keep 'em coming out? lollll
blackcat1402
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@Jittra, lol, more or less to the end, still several scripts. some are discussed in my private chat with community memebers and i found his proposal was really helpful and i want to try this challenge out. the others are very fresh Ehlers indicators published in 2020.
I have a question, I'm now using this buy sell signal to trade "BTC/USDT - 1mins" but sometime it got very accurate but sometime it lag
Could you recommend me which script of your work that work best to trade "BTC/USDT-1mins"?