OPEN-SOURCE SCRIPT
[blackcat] L2 FArden Thomas Voting With Multiple Timeframes
Level 2
Background
For Traders’ Tips of November 2020, the focus is F. Arden Thomas’ article in the August 2020 issue, “Voting With Multiple Timeframes”.
Function
F. Arden Thomas sums up the returns by a stochastic indicator in a voting process over seven different timeframes, and uses the resulting votes for trade signals. He shows us a new way of using the classic stochastic oscillator by combining many timeframes into a single value by voting. By using this voting process, buy and sell signals derived from many intervals become clearly visible on the chart. This is an interesting concept that can be applied to many common indicators such as the RSI or ADX, not just the stochastic.
Although the author creates a voting system by counting the number of times the indicator is in overbought/oversold range, I thought it would be interesting to create a composite indicator by averaging the stochastic value over multiple timeframes into a single indicator that moves along the standard scale.
Remarks
Maroon~ Red color bars for bullish market.
Teal~ Green color bars for bearish market.
This is a Level 2 free and open source indicator.
Feedbacks are appreciated.
Background
For Traders’ Tips of November 2020, the focus is F. Arden Thomas’ article in the August 2020 issue, “Voting With Multiple Timeframes”.
Function
F. Arden Thomas sums up the returns by a stochastic indicator in a voting process over seven different timeframes, and uses the resulting votes for trade signals. He shows us a new way of using the classic stochastic oscillator by combining many timeframes into a single value by voting. By using this voting process, buy and sell signals derived from many intervals become clearly visible on the chart. This is an interesting concept that can be applied to many common indicators such as the RSI or ADX, not just the stochastic.
Although the author creates a voting system by counting the number of times the indicator is in overbought/oversold range, I thought it would be interesting to create a composite indicator by averaging the stochastic value over multiple timeframes into a single indicator that moves along the standard scale.
Remarks
Maroon~ Red color bars for bullish market.
Teal~ Green color bars for bearish market.
This is a Level 2 free and open source indicator.
Feedbacks are appreciated.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
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