Multi-timeframe Stochastic RSI

The Multi-timeframe Stochastic RSI indicator is a comprehensive momentum tool designed to aggregate Stochastic RSI signals across 11 different timeframes to identify overbought and oversold confluence.

Usage

The tool is primarily used to identify periods where multiple timeframes align in their momentum readings. Traders can observe the intensity of the colored bands at the top and bottom of the indicator:

• Bullish Confluence: Green bands at the bottom intensify when a higher number of timeframes are in an oversold state (below the user-defined cutoff).
• Bearish Confluence: Red bands at the top intensify when more timeframes reach an overbought state (above the user-defined cutoff).

Entry and exit points are typically most effective when several timeframes are in agreement, suggesting a robust reversal or continuation potential. Users can also toggle a "Free TV" mode to ensure compatibility with standard TradingView accounts by using only accessible timeframes.

Details

The indicator calculates both the %K and %D lines for the Stochastic RSI on 11 distinct timeframes. It automatically scales these timeframes based on the current chart's resolution to ensure the data remains relevant (e.g., higher timeframes are selected when viewing a Daily chart versus a 5-minute chart). The script counts how many of the 22 total signals (11 %K and 11 %D) fall beyond the specified overbought and oversold thresholds. The visual output uses transparency and color schemes to represent this "agreement count" visually.

Settings

Main Settings

• Source: Determines the price data used for calculations (e.g., Close, Open).
• Stochastic RSI oversold cutoff: The threshold (0-100) below which a timeframe is considered oversold.
• Stochastic RSI overbought cutoff: The threshold (0-100) above which a timeframe is considered overbought.
• Low/High bandpass: Filters for the intensity display of the confluence bands.
• I have free TV: When enabled, restricts calculations to timeframes available on standard TradingView plans.
• Manual sRSI: Allows users to manually override the automatic timeframe selection.
• Color Scheme: Selects between different visual styles such as "Classic", "Rainbow", "Tron", or "Blue".

FAQ

How do I interpret the band intensity?

The brighter or more opaque the bands appear, the higher the number of timeframes that are currently in agreement regarding overbought or oversold conditions.

Can I change the timeframes used?

Yes, by enabling "Manual sRSI" in the settings, you can specifically select which timeframes the indicator should monitor for its confluence calculations.

How do I access this indicator?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.