I have to admit that the Stochastic Indicator is one of my favorite tools, but the default version is lacking some functionalities which I always wished they were there...
Therefore I decided to create an enhanced version of the Stochastic which now exactly fulfills my needs. I wanted to share it with the community in case someone else finds it useful.
So what is included?
- Full Stochastic (by default the settings are Length = 14 / K-Smooth = 6 / D-Smooth = 3, but you can change them to your liking)
- Oversold/Overbought limits can be customized - by default they are set to 20/80
- Red/Green line at the bottom indicates if K above D (green) or K below D (red) --> Indicates the general trend
- Background coloring for Stochastic crosses that happen in Oversold/Overbought area (buy/sell can be considered here)
- Stochastic RSI can be shown (= Stochastic indicator used on RSI value)
- Divergences on Stochastic can be displayed (Regular Bullish/Bearish & Hidden Bullish/Bearish)
- Optional: Show Highest/Lowest RSI since last Stochastic Cross
- Optional: Show label which indicates Target Price and Price distance to next K/D cross
Constructive Feedback is always welcome.
Enjoy.