This study project is an updated version of the implementation of the "Stochastic False BAR" indicator.
Description: The standard Stochastic buy/sell indications come from Stochastic crosses about the standard overbought/oversold zones (80/20). This does not always work and you get stuck in the OB/OS zones with a trend continuation. Utilising a second much longer length Stochastic, the "False BAR" (Black) indicates when it is unsafe to take Stochastic cross over trades. Where the false bar does not appear (aqua, no background highlighing), the overbought / oversold conditions of the Stochastic can be considered higher-probability reversal areas and thus trading opportunities.
This Revision:
Added options to enable/disable False Bar lines and Stochastic trends.
Added options to modify upper and lower limits of false bar Stochastic and trading stochastic trend.
Added option to show the trading Stochastic as coloured Ribbon.
dear uncle. thank you for your hard work. I want to ask two questions.
1- When there are blue lines at the top and bottom, does it mean that these signals are correct?
2- When a black line is formed at the bottom, does it mean that the purchase is not safe, and if there is a blue line at the top at the same time, does this mean that the sell signals are stronger?
CJMann
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This is fantastic...thank you so much for your time and effort AND sharing! Really appreciate it. Can someone direct me to some literature on the indicator? I believe it's an Advanced GET, Tom Joseph indicator. However, I am wondering....how to change the settings for the False Bar, when I want to use custom settings for the stochastic length?? How do I then figure out what the settings for the false bar should be? Any info on that original introduction of the indicator from Tom Joseph or ESignal would be very much appreciated....
nepo123
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I think many people would appreciate if you can update this wonderful indicator.
nepo123
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Very useful indicator. Thank you!
ABG1968
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This is a very nice indicator UncleL. Thank you
nareshkumar.jayachandran
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sir i like all your indicators extraordinary and super , sir your service is soo good thank u sir , i am your fan sir
MohammadHaneefAhmad
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I just checked the indicator real time yesterday with WTI Crude Oil, seems to work exceptionally well, good work and time well spent coding out false signals
hsnyder
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Thank you so much, UncleL! Getting stuck in the OB/OS zones has been incredibly annoying, and your False BAR indicator has greatly helped to improved the amount of successful trades!
JustUncleL
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@hsnyder, Thank you for your feedback. Any form of feedback is always appreciated by myself, and I'm sure other script writers. Feedback encourages me to continue producing free and open scripts in the hope that some of my fellow traders will find them useful and/or inspire other coders to produce an even better script from my examples.
dheerajsood
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Hello Uncle!
Fantastic work as always.
Is it possible to
1. Mark the crossover points in the unshaded areas?
What i mean to say is , can we highlight or give buy and sell signals on the candles which are the crossover points for overbought oversold zones in the unshaded portion.
2. No signals to be generated in the shaded areas.
3. Can we combine this with a RSI on similar criteria?
1- When there are blue lines at the top and bottom, does it mean that these signals are correct?
2- When a black line is formed at the bottom, does it mean that the purchase is not safe, and if there is a blue line at the top at the same time, does this mean that the sell signals are stronger?