OPEN-SOURCE SCRIPT
byquan GP - SRSI Channel (Hour TF)
// GP - SRSI Channel (Multi-Timeframe Hourly)
This indicator displays a **Multi-Timeframe Stochastic RSI Channel** designed to identify momentum extremes and confirmed reversal zones using higher timeframe aggregation.
Instead of relying on a single timeframe SRSI, this script aggregates data from four higher hourly timeframes (default: 3H, 6H, 12H, 24H) to provide a more robust and stable view of momentum conditions.
### Core Components
**SRSI Calculation**
- Stochastic RSI (K+D smoothed) is calculated on open, high, low, and close.
- This creates a more comprehensive representation of momentum at each bar.
**Multi-Timeframe Channel**
- Minimum and Maximum SRSI values are collected across the four selected higher timeframes.
- The channel (filled area between Min and Max) shows the current momentum range across different scales.
- The white line represents the averaged SRSI Close value.
**Background Zones**
- **Green** (0-20): Oversold zone
- **Blue** (20-50): Accumulation / Recovery zone
- **Orange** (50-80): Distribution / Weakening zone
- **Red** (80-100): Overbought zone
These zones help traders quickly assess the overall momentum environment.
### Signal Logic
**Mid-Level Transition Detection**
- Watches when the SRSI exits extreme zones (below 20 or above 80) and crosses the 50 mid-level.
- Yellow circle at 50 marks potential momentum shift points.
**Confirmed Extreme Reversal**
- After exiting an extreme zone, the script tracks whether price continues moving away from the extreme for a user-defined number of bars (`Confirm bars`).
- **Lime circle** = Confirmed momentum low (potential bullish reversal)
- **Red circle** = Confirmed momentum high (potential bearish reversal)
This confirmation mechanism significantly reduces premature signals by waiting for sustained momentum movement after leaving extreme territories.
### How to Use
- **Bullish Reversal**: Look for the price entering the green oversold zone, then a **lime circle** appearing after confirmation. This suggests strengthening momentum across multiple timeframes.
- **Bearish Reversal**: Look for the price entering the red overbought zone, then a **red circle** appearing. This indicates weakening momentum.
- The channel width shows how broad the momentum disagreement is across timeframes — narrower channel = stronger consensus.
- Best used as a **momentum filter** or confluence tool together with price action, support/resistance, or other structure-based setups.
### Recommended Settings & Timeframes
- Works on all timeframes, but performs best on **5m, 15m, 30m, and 1H** charts for intraday and swing trading.
- Default higher timeframes (3H–24H) provide excellent balance between responsiveness and reliability.
- Increase `Confirm bars` for higher quality but fewer signals.
- Adjust `Watch Low/High Level` according to the volatility of the instrument.
This script is not a simple copy of existing SRSI indicators. Its value lies in the **multi-timeframe channel construction**, **dynamic extreme confirmation logic**, and the combination of visual zones with clear reversal markers.
The indicator is open-source and shared for educational purposes only. It is not financial advice. Always backtest thoroughly and use proper risk management.
Feedback is highly appreciated!
This indicator displays a **Multi-Timeframe Stochastic RSI Channel** designed to identify momentum extremes and confirmed reversal zones using higher timeframe aggregation.
Instead of relying on a single timeframe SRSI, this script aggregates data from four higher hourly timeframes (default: 3H, 6H, 12H, 24H) to provide a more robust and stable view of momentum conditions.
### Core Components
**SRSI Calculation**
- Stochastic RSI (K+D smoothed) is calculated on open, high, low, and close.
- This creates a more comprehensive representation of momentum at each bar.
**Multi-Timeframe Channel**
- Minimum and Maximum SRSI values are collected across the four selected higher timeframes.
- The channel (filled area between Min and Max) shows the current momentum range across different scales.
- The white line represents the averaged SRSI Close value.
**Background Zones**
- **Green** (0-20): Oversold zone
- **Blue** (20-50): Accumulation / Recovery zone
- **Orange** (50-80): Distribution / Weakening zone
- **Red** (80-100): Overbought zone
These zones help traders quickly assess the overall momentum environment.
### Signal Logic
**Mid-Level Transition Detection**
- Watches when the SRSI exits extreme zones (below 20 or above 80) and crosses the 50 mid-level.
- Yellow circle at 50 marks potential momentum shift points.
**Confirmed Extreme Reversal**
- After exiting an extreme zone, the script tracks whether price continues moving away from the extreme for a user-defined number of bars (`Confirm bars`).
- **Lime circle** = Confirmed momentum low (potential bullish reversal)
- **Red circle** = Confirmed momentum high (potential bearish reversal)
This confirmation mechanism significantly reduces premature signals by waiting for sustained momentum movement after leaving extreme territories.
### How to Use
- **Bullish Reversal**: Look for the price entering the green oversold zone, then a **lime circle** appearing after confirmation. This suggests strengthening momentum across multiple timeframes.
- **Bearish Reversal**: Look for the price entering the red overbought zone, then a **red circle** appearing. This indicates weakening momentum.
- The channel width shows how broad the momentum disagreement is across timeframes — narrower channel = stronger consensus.
- Best used as a **momentum filter** or confluence tool together with price action, support/resistance, or other structure-based setups.
### Recommended Settings & Timeframes
- Works on all timeframes, but performs best on **5m, 15m, 30m, and 1H** charts for intraday and swing trading.
- Default higher timeframes (3H–24H) provide excellent balance between responsiveness and reliability.
- Increase `Confirm bars` for higher quality but fewer signals.
- Adjust `Watch Low/High Level` according to the volatility of the instrument.
This script is not a simple copy of existing SRSI indicators. Its value lies in the **multi-timeframe channel construction**, **dynamic extreme confirmation logic**, and the combination of visual zones with clear reversal markers.
The indicator is open-source and shared for educational purposes only. It is not financial advice. Always backtest thoroughly and use proper risk management.
Feedback is highly appreciated!
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.