OPEN-SOURCE SCRIPT
R&D Indicator 2.15
This is a dual-line momentum indicator that combines two complementary oscillator calculations to provide both trend direction and early impulse detection on a single panel.
How it works:
The white line is a smoothed Stochastic %D that tracks the broader momentum cycle. It moves slowly and deliberately, making it useful for identifying the prevailing trend direction and overbought/oversold conditions.
The yellow line is a Double Stochastic Oscillator (DSO) that is more reactive to price changes. When the yellow line reaches the extreme zones (above 80 or below 20) and turns back, it acts as an early warning signal for a potential continuation impulse in the direction of the trend.
Key features:
Overbought zone (above 80) shaded in red
Oversold zone (below 20) shaded in green
Dotted midline at 50 for reference
Full customization of line colors, thickness and style
All settings adjustable including period lengths, zone levels and background transparency
How it works:
The white line is a smoothed Stochastic %D that tracks the broader momentum cycle. It moves slowly and deliberately, making it useful for identifying the prevailing trend direction and overbought/oversold conditions.
The yellow line is a Double Stochastic Oscillator (DSO) that is more reactive to price changes. When the yellow line reaches the extreme zones (above 80 or below 20) and turns back, it acts as an early warning signal for a potential continuation impulse in the direction of the trend.
Key features:
Overbought zone (above 80) shaded in red
Oversold zone (below 20) shaded in green
Dotted midline at 50 for reference
Full customization of line colors, thickness and style
All settings adjustable including period lengths, zone levels and background transparency
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.