Oscillator is combining MACD with Stochastic oscillator. When both, MACD and Stochastic 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 ;)
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Added identification of divergences + alerts
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Bugfixes, optimization of calculations & reverted background color based on alignment of MACD and Stochastic
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Added possibility to switch calculation in Stochastic of MA from SMA to EMA
Cleaned up UI of settings (inputs) of the indicator
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- divided Divergence Alerts into Bull/Bear (request from Patreon Supporter)