Multi-Osc OB/OS Overlap (Multiple-Oscillator Overbought/Oversold Overlap) is a unique indicator that combines the 3 most popular oscillators in the trading world in the smartest way: Money Flow Index (MFI), Relative Strength Index (RSI), and Stochastic. The sole purpose of this combination is to increase the PROBABILITY of identifying correct overbought/oversold areas, thereby helping you have more accurate signals.
Multi-Osc OB/OS Overlap simplifies the analysis of MFI, RSI, and Stochastic by presenting their states with color-coded lines: green means oversold, pink means overbought, and grey represents the neutral state. When the overbought and oversold areas of all 3 indicators overlap, Multi-Osc OB/OS Overlap paints the chart background with user-defined colors to display the overlapped overbought/oversold zone, along with chart markers to alert you to the occurrence of the overlap.
The unique-of-its-kind presentations provided by the Multi-Osc OB/OS Overlap catch your attention with their visual appeal and ease of signal reading. It is more effective than the traditional way of applying a bunch of oscillators to your chart, thereby saving you valuable chart estates for other important indicators.
You can configure Threshold High & Threshold Low to define the overbought/oversold areas of MFI, RSI, and Stochastic separately. Increasing the threshold values will reduce the number of signals but may increase the probability of accurate ones.
Dedicated NinjaScript signals:
- Signal_Trade: 1 = bullish reversal, -1 = bearish reversal
- Signal_Detection: -1 = detection of overlap OB, 1 = detection of overlap OS, 0 = none
- Signal_State: 1 = overlap OB, -1 = overlap OS, 0 = no overlap
- Signal_StateMFI: 1 = overbought, -1 = oversold, 0 = middle
- Signal_StateRSI: 1 = overbought, -1 = oversold, 0 = middle
- Signal_StateStoch: 1 = overbought, -1 = oversold, 0 = middle
- 11 Apr 2023 - An alert message was modified.
- 05 Apr 2023 - Signal_Trade & bullish & bearish reversal markers & bullish & bearish reversal alert sounds was added.
- 20 Mar 2023 - The indicator was released (build new).
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