Multi-Osc OB/OS Overlap is a powerful indicator that provides traders with a comprehensive view of sideways and trending markets. By analyzing multiple oscillators simultaneously, it increases the chances of identifying accurate overbought/oversold areas, enabling traders to make informed decisions. The innovative combination of Money Flow Index (MFI), Relative Strength Index (RSI), and Stochastic makes this indicator a unique and effective tool for traders of all levels.
Multi-Osc OB/OS Overlap simplifies the analysis of MFI, RSI, and Stochastic by presenting their states with color-coded lines: green means oversold, pink means overbought, and grey represents the neutral state. When Multi-Osc OB/OS Overlap detects an overlapped overbought/oversold zone, it highlights it on the chart with custom colors and markers for easy identification.
Multi-Osc OB/OS Overlap simplifies the interpretation of MFI, RSI, and Stochastic by using color-coded lines, resulting in clearer and more effective visual signals compared to the traditional method of applying multiple oscillators to your chart. This saves valuable chart space for other important indicators.
By adjusting the threshold values for MFI, RSI, and Stochastic, you can customize the overbought/oversold areas to fit your trading strategy. Lower thresholds will generate more signals, while higher thresholds will generate fewer but potentially more accurate signals.
Dedicated NinjaScript signals:
- Signal_Trade: 1 = Bullish reversal, -1 = Bearish reversal
- Signal_Detection: -1 = detection of overlap OB, 1 = detection of overlap OS, 0 = none
- Signal_State: 1 = overlap OB, -1 = overlap OS, 0 = no overlap
- Signal_StateMFI: 1 = overbought, -1 = oversold, 0 = middle
- Signal_StateRSI: 1 = overbought, -1 = oversold, 0 = middle
- Signal_StateStoch: 1 = overbought, -1 = oversold, 0 = middle
- 11 Apr 2023 – An alert message was modified.
- 05 Apr 2023 – Signal_Trade & bullish & bearish reversal markers & bullish & bearish reversal alert sounds was added.
- 20 Mar 2023 – The indicator was released (build new).