MTF Stoch RSI Screener

The MTF Stoch RSI Screener indicator tracks the Stochastic RSI across three different user-defined timeframes to identify potential short-term tops and bottoms through overbought and oversold conditions.

Usage

The indicator displays three horizontal rows of shapes, each representing one of the selected timeframes. When a timeframe's Stochastic RSI (K or D line) is above the overbought level, the corresponding shape turns red. When it is below the oversold level, the shape turns green.

Traders can use this to identify confluence between different time horizons. For example, if all three timeframes are green simultaneously, it may signify a high-probability short-term bottom. Conversely, when all three timeframes are red, it suggests a potential short-term top.

Details

The script utilizes the request.security function to fetch data from different intervals. For each timeframe, it calculates the Relative Strength Index (RSI) and then applies the Stochastic formula to that RSI value. The final output is smoothed using simple moving averages (K and D).

The screener checks whether either the %K or %D line has crossed the defined thresholds. By visualizing these conditions vertically, users can quickly assess the momentum state of the asset across a broad spectrum of time.

Settings

• RSI Source: Determines the price data used for the RSI calculation (e.g., Close, Open, HL2).
• K: The smoothing period for the Stochastic %K line.
• D: The smoothing period for the Stochastic %D line (moving average of %K).
• RSI Length: The lookback period for the initial RSI calculation.
• Stochastic Length: The lookback period for the Stochastic calculation applied to the RSI.
• Stochastic overbought level: The threshold (default 70) above which the market is considered overbought.
• Stochastic oversold level: The threshold (default 30) below which the market is considered oversold.
• Timeframe 1/2/3: The three specific timeframes (in minutes) to be monitored by the screener.

FAQ

How do I interpret the colors?

Red indicates an overbought condition on that specific timeframe, green indicates an oversold condition, and gray represents neutral momentum.

Can I change the timeframes used?

Yes, you can adjust the three timeframe inputs in the settings menu to any minute-based interval that suits your trading style.

How do I access the MTF Stoch RSI Screener?

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