TTI Stochastic Extreme indicator
May 12, 2017, 1:46 PM
Indicators
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This indicator was described in the book “Volatility-based technical analysis” from Kirk Northington.
This version of the classic stochastic oscillator embed an ATR volatility factor so that it will become more effective through volatility sensitivity. In this way it will reduces the quantity of signals generated so that the quality of them can be improved.
(from the author description).
Translated from TradeStation code by a request in the Italian forum section.
//PRC_TTI Stochastic Extreme | indicator
//12.05.2017
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
if close>average[14] then
x1 = std[14]
else
x1 = -1*std[14]
endif
x2 = (summation[3](x1-lowest[5](x1))/summation[3](highest[5](x1)-lowest[5](x1)))*100
x3 = x1*averagetruerange[5]
x4 = (summation[3](x3-lowest[5](x3))/summation[3](highest[5](x3)-lowest[5](x3)))*100
a = average[3,1](x2)
b = average[3,1](x4)
return a style(dottedline),b, 5 style(point) as "level 5", 95 style(point) as "level 95"
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Filename:
PRC_TTI-Stochastic-Extreme.itf
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TTI-extreme-stochastic.png
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