Multi timeframe Stochastic RSI Screener

The Multi timeframe Stochastic RSI Screener indicator is a versatile analysis tool that allows traders to monitor Stochastic RSI and RSI values across four different timeframes simultaneously.

Usage

The tool is designed to provide a comprehensive view of market momentum and overbought/oversold conditions without switching charts.

• Screener Table: Displays the K, D, and RSI values for four user-defined timeframes. It also highlights the current "Movement" (Bullish/Bearish based on K/D crossover) and the overall status (Overbought, Oversold, or Neutral).
• Visualizing Trends: Users can choose between "Binary" coloring (fixed colors for OB/OS/Direction) or "Progressive" coloring (gradient based on intensity).
• Convergence Warnings: The table includes a "Warnings" row that triggers when multiple selected timeframes reach overbought or oversold levels simultaneously, signaling potential high-probability reversals.
• Oscillator Overlay: Beyond the table, the script can plot the Stochastic RSI lines for the primary timeframe directly on the indicator pane.

Details

The script utilizes request.security to fetch data from different timeframes. It includes a "Repaint" toggle:

• Repaint Enabled: Uses live data for the current candle on higher timeframes. This provides real-time updates but values may fluctuate until the candle closes.
• Repaint Disabled: Uses data from the last closed candle of the respective timeframe, ensuring values remain static and "confirmed."

The convergence logic is customizable, allowing users to select which of the four timeframes should be included in the aggregate warning signals.

Settings

Options

• Use average value mode (K+D/2): Determines the status (OB/OS) based on the average of the K and D lines.
• Allow repaint: Toggle between live values and closed-candle values for higher timeframes.
• Show Screener/Lines: Toggles the visibility of the data table and the oscillator plots.
• Color mode: Switches between Binary and Progressive color styles.
• Timeframes (1-4): Sets the specific periods for the screener rows.
• Convergence Options: Checkboxes to include/exclude specific timeframes from the warning alerts.

Stoch RSI

• K & D smoothing: Adjusts the period for the Stochastic smoothing.
• RSI/Stochastic Length: Sets the lookback period for the underlying calculations.
• Overbought/Oversold Levels: Customizable thresholds for RSI and Stochastic RSI.

FAQ

How do I interpret the convergence warnings?

Convergence occurs when all timeframes marked for inclusion in the settings reach an overbought or oversold zone at the same time. This often indicates a strong momentum exhaustion.

Why do the values change during a candle?

If "Allow repaint" is enabled, the script fetches the most recent price data for higher timeframes. To see only confirmed values, disable this setting in the "Options" group.

How can I access this tool?

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