Hybrid Overbought/Oversold Detector + Put/Call Signals

24. Juli 2020

There are many indicators of overbought/oversold conditions out there. Some of more common ones are:

- Bollinger Bands %B
- Money Flow Index (MFI)
- Relative Strength Index (RSI)
- Stochastic

This script uses a combination of these 4 oscillators to confirm overbought/oversold and filter the signals of market reverse which could be used for trading binary options.
You may select which oscillators you want to apply and of course change the source, the length of the calculations and the overbought/oversold levels.
Also the script will draw a combined graph which is the average of the selected oscillators in the options.

Send me your ideas!

5. Aug. 2020

Versionshinweise

A tweak to default OB/OS levels.

6. Aug. 2020

Versionshinweise

The 5th oscillator support added:
- Chande Momentum Oscillator (CMO) could now be applied.

18. Aug. 2020

Versionshinweise

Small coding tweaks!

21. Aug. 2020

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Added 50-Line which could be useful sometimes.

27. Aug. 2020

Versionshinweise

Changed the structure of the code a bit and removed "Total Average" graph due to uselessness!
From now on, there is a new hybrid graph instead, which represents the OB/OS market exactly.

27. Aug. 2020

Versionshinweise

Added 0,100-lines to make a better display of Hybrid graph

23. Okt. 2020

Versionshinweise

- Added support for 3 new oscillators:
6. Commodity Channel Index (CCI)
7. Keltner Channel %K
8. Rate Of Change (ROC)

- Made some changes to default OB/OS levels and colors
- Applied some coding tweaks

26. Okt. 2020

Versionshinweise

Major Update!
Manual setting of OB/OS levels removed; Instead, a procedure of automatic levels detection implemented which leads to some advantages:
- There is no more need for taking care of setting OB/OS levels manually by the user (specially an amateur one).
- The whole process of OB/OS detection could fit any data from any feed automatically.
- OB/OS levels could vary dynamically over time.

So it's all about reacting to any changes in market conditions. Good Luck!

28. Okt. 2020

Versionshinweise

- Optimized OB/OS level calculations
- Added labels to show calculated OB/OS levels (for those who wonder what the calculated levels are)

31. Okt. 2020

Versionshinweise

- Minor tweaks
- Changed default options
- Added weaker colorized signals which lead to better view and understanding of the chart, trends, divergences and thus more accurate decisions!

2. Nov. 2020

Versionshinweise

- Small coloring tweaks!

14. Nov. 2020

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- Added Multi-Timeframe Capability.
Calculations Timeframe could now be changed in options.

14. Nov. 2020

Versionshinweise

- Fixed higher timeframe levels calculation bug!

20. Nov. 2020

Versionshinweise

Made level calculations more strict

13. Dez. 2020

Versionshinweise

- Added support for 2 less common oscillators:
9. Chaikin Money Flow (CMF)
10. Twiggs Money Flow (TMF)

14. Dez. 2020

Versionshinweise

Fixed a bug related to TMF oversold calculation

8. Jan. 2021

Versionshinweise

- Fixed a multi-timeframes calculation bug
- Increased calculations speed

8. Jan. 2021

Versionshinweise

- Fixed another problem related to an annoying Pine MTF functions bug!

12. Jan. 2021

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- Just made the script more structured by implementing some functions

13. Feb. 2021

Versionshinweise

- Added support for 2 other oscillators:
11. Disparity Index (DIX)
12. Relative Vigor Index (RVI/RVGI)
- Manual setting of OB/OS levels is now possible again. Feel free to set OB/OS levels as you wish or leave the options as they are to make the calculations automatic.

3. Apr. 2022

Versionshinweise

- Restructured the code
- Converted to Pine v5
- Increased overall performance
- Made indicator settings more user-friendly
- Added alert conditions to the settings
- Made levels auto-calculation better
- Killed some tiny bugs

24. Apr. 2023

Versionshinweise

- Fixed calculation errors for some tickers; Now the indicator should work on all charts!
- Fixed DIX normalization error
- Added auto-level option and made alerts better
- Killed some tiny bugs and increased code performance

24. Apr. 2023

Versionshinweise

- Added symbol selection option; It's now possible to see OB/OS conditions of another ticker on current chart.
- Added hybrid OB/OS levels and labels
+ 4 above-mentioned ones!

24. Apr. 2023

Versionshinweise

3rd update in one day!
- At last, fixed issues regarding "The other time frame and ticker" calculations