B3 3-Stox - Scalping Oscillator

24 feb 2020

This is an indicator that combines what I see some scalpers use on youtube videos and webinars.

3 Stox = Three Stochastic Readings

• Fast Stochastic of Highs
  
• Fast Stochastic of Lows
  
• Slow Stochastic of Bar Average
  

Bar Color Code

• Bar Color Coded
  
• Light Green = Long with trend
  
• Dark Green = Long counter trend
  
• Light Red = Short with trend
  
• Dark Red = Short counter trend
  

Fast Line Color Code

• Green = Lows leading highs up (Organized Rise)
  
• Olive = Highs leading lows up (Rapid Rise)
  
• Red = Highs leading lows down (Organized Fall)
  
• Fuchsia = Lows leading lows down (Rapid Fall)
  

Trades to be looked at:

• Trading in the direction of the fast lines, when they are similar to and near one another, in the same direction as the Slow stochastic line's color or slope
  
• Trading Long Fastline green color when all 3 lines are oversold
  
• Trading Short Fastline red color when all 3 lines are overbought
  
• AVOID Trading when fast lines are spread out and a large cloud appears between them (Chop Filter)
  
• Look for solid up & down & up & etc. oscillation or you can use the slow line to find trends to trade
  
• Green and red fast lines are organized moves, the olive and purple lines are faster moves and harder to lock in sometimes
  

Things to note:

• Pairs nicely with a level printing study like B3 Level Break (applied on above chart)
  
• There are 2 color schemes for the Fast High and Low Stochastic lines, and 2 color schemes for the bars
  
• In this script the bar average is defined as (open+high+low+close+close[1]) / 5, keep the slow line at a large length input so that you can get a macro trend reading without zooming out the chart
  
• The Extended Stochastics from one of my previous scripts is defaulted as the style used, however, you may turn that feature off and use the classic Stochastics [url=
  
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More details: https://drive.google.com/open?id=1PzJ9K4uMcgbUBNUd6Kxqom9Qrp7txj8Q

Enjoy!
~ B3 d^.^b