Same as my protected script but you can now see the code
This Study plots divergences and overlays a second %K as a fractal and changes the color of %D for the non fractal Option to use Stochastic RSI for Fractal Background Shading according to trend
Feel Free to change the indicator values to suit your style / system
The divergence script is thanks to @RicardoSantos, I've just adjusted it to suite my indicator
Remember that divergences work best when traded with the trend or very late in a trend when going against the trend
Common value for %K is 5, I have chosen 3 as it gives faster entries when using multiple time frames
If you are not using a momentum indicator as a trailing stop and using only cycle indicator then I would recommended %K be 4 for exits
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Added Background Highlights for Over Bought and Over Sold Regions
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...
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Added ADX 2 Resting Bar Buy / Sell Entry Signal
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Background Color now according to MA Crossover Adjusted Colors
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Much anticipated update
More options for Background Color Change, besides MA crossover color change options now include;
MACD Direction
&
Dad Direction (Top Dog Trading)
Also Added Alerts for;
Background color change
&
Divergences
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Added Trend Barmeter so now you can add confluence to your entries
3 Trend Barmeter lines, choose from MA Cross, MACD Cross, Dad Direction (Top Dog Trading) or Trend Candles
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Small adjustment
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Adjusted Background Shading Intensity
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Changed Values for Main Stochastic to;
K = 5 D = 3 Smoothing = 2
Added an extra Trend Bar. This 1 only shows MA Cross or where the Minor Base Line is in relation to the Major Base Line
Added Highlights to the Trend Bar to show possible Momentum Setups - Please use this with caution and in relation to Price action and S/R
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Removed ADX 2 Possible Entry Signal and RSI Plot
Added Momentum Setups to Trend Meter - Very Powerful Entries but Use With Caution
Look for Support or Resistance Levels for price to be attracted to
Enter Long above the Setup Bar
Enter Short Below the Setup Bar
When looking to break out from Trendline or S/R Level - Look for confluence by ensuring all 3 trend Meters are Highlighted the Same Color
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Adjusted;
Filter X parameters
Trend Meter Background Highlight - Filter X + 3 Trend Meter Conditions Met (Minor / Major Base Line Cross Excluded)
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Fixed fault with background highlight of trend meter
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Added ability;-
to Change the Color of the Main Stochastic
to Turn the Fractal / Secondary Stochastic off from the menus
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Updated Alerts so now you can see them properly when entering
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Fixed issue with Alerts
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Divergences Offset to Realistic Entry Point
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Trend Meter Background Highlight when all 3 conditions are met
Adjusted Alerts
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Fixed Fault with background highlights
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Updated Background Highlight and adjusted some menu's
Added Highlights for;
RSI Signal Line Cross (RSI = 13, Linear Regression Signal Line = 21) - Extremely powerful signal
MOM DAD Cross (Topdog Trading)
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Fixed a fault with the background colors that was introduced by Tradingview Adjusted colors and thickness of stochastic lines to make them more visually appealing
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Removed The Trend Meters along with a Lot of Clutter (If you still need a Trend Meter please add it from my other Scripts on my Page) Added On Balance Volume as an input source option for both Stochastics Changed the look of the Stochastics for better visual appeal