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PT2_Stochastic RSI / MACD
Updated
This indicator is designed for use with Profit Trailer version 2 and plots the values of RSI, Stochastic, StochasticRSI and MACD.
Due to the decimal values that they all produce, There are some important things to understand before using this indicator.
In PT2, RSI and Stochastic require values between 0 and 100, but StochasticRSI requires values between 0.00 and 1.00. Because of this the following needs to be understood.
RSI:
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The buy and sell values and limits are inputted as values between 0 and 100, but they get divided by 100 so to map alongside StochasticRSI on the indicator scale.
In other words an RSI buy value inputted as 30 will display as 0.3, but in your PT2 settings you would still input 30.
Stochastic:
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Stochastic and StochasticRSI share common buy and sell value input fields for this indicator (so you can't use BOTH Stochastic and StochasticRSI at the same time, in the same indicator).
The buy and sell values and limits, need to be written as decimal values between 0.00 and 1.00 even though within the PT2 settings, Stochastic is inputted as values between 0 and 100.
So when translating values from this indicator to your PT2 settings, a Stochastic Buy Value of 0.3 in this indicator will be written in your PT2 settings as 30. Just like RSI.
StochasticRSI:
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PT2 uses StochasticRSI values between 0.00 and 1.00 (as mentioned above). It is because of this, to enable RSI and Stochastic to display together, everything is displayed using the decimal notation of between 0.00 and 1.00.
MACD:
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The MACD is completely different and produces a decimal value down to 9 decimal places as used in PT2, making it not compatible with the RSI and Stochastic values.
So at the top of the settings of this indicator, you need to choose which indicator you wish to view at a time (Stochastic-RSI or MACD, not both).
Also, Trading view doesn't handle negative decimals down to 9 places very well, so the Buy/Sell Value/Limit numbers you enter here will be divided by 100,000,000.
This means that if you enter a MACD Sell Value of -250 in this indicator, it gets translated to -0.000000250. This would be the decimal value you would put in your PT2 settings.
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I hope this indicator helps you all out, feel free to show any appreciation you have in what ever way you feel you can.
// Created 2018 - by squiggles#8806
// LTC Tip Jar: LX4bUBdjiRPsagUbZoAczSGgDC4YqTJL7w
======================================================================================================================================================
Due to the decimal values that they all produce, There are some important things to understand before using this indicator.
In PT2, RSI and Stochastic require values between 0 and 100, but StochasticRSI requires values between 0.00 and 1.00. Because of this the following needs to be understood.
RSI:
----
The buy and sell values and limits are inputted as values between 0 and 100, but they get divided by 100 so to map alongside StochasticRSI on the indicator scale.
In other words an RSI buy value inputted as 30 will display as 0.3, but in your PT2 settings you would still input 30.
Stochastic:
-------------
Stochastic and StochasticRSI share common buy and sell value input fields for this indicator (so you can't use BOTH Stochastic and StochasticRSI at the same time, in the same indicator).
The buy and sell values and limits, need to be written as decimal values between 0.00 and 1.00 even though within the PT2 settings, Stochastic is inputted as values between 0 and 100.
So when translating values from this indicator to your PT2 settings, a Stochastic Buy Value of 0.3 in this indicator will be written in your PT2 settings as 30. Just like RSI.
StochasticRSI:
-----------------
PT2 uses StochasticRSI values between 0.00 and 1.00 (as mentioned above). It is because of this, to enable RSI and Stochastic to display together, everything is displayed using the decimal notation of between 0.00 and 1.00.
MACD:
--------
The MACD is completely different and produces a decimal value down to 9 decimal places as used in PT2, making it not compatible with the RSI and Stochastic values.
So at the top of the settings of this indicator, you need to choose which indicator you wish to view at a time (Stochastic-RSI or MACD, not both).
Also, Trading view doesn't handle negative decimals down to 9 places very well, so the Buy/Sell Value/Limit numbers you enter here will be divided by 100,000,000.
This means that if you enter a MACD Sell Value of -250 in this indicator, it gets translated to -0.000000250. This would be the decimal value you would put in your PT2 settings.
======================================================================================================================================================
I hope this indicator helps you all out, feel free to show any appreciation you have in what ever way you feel you can.
// Created 2018 - by squiggles#8806
// LTC Tip Jar: LX4bUBdjiRPsagUbZoAczSGgDC4YqTJL7w
======================================================================================================================================================
Release Notes
And now for the cool stuff!=======================
Multiple Candle Scales:
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Each indicator can use a different candle period for it's calculation. However, if trying to view a lower scale than the main candle chart is displaying, you will not see an accurate representation, as the lower values will be averaged together to fit within each main candle period. So the best flow of tweaking your values, is to start with the lower scale first and work your way up.
When viewing a larger scale indicator on a smaller scale candle time frame, the plot line will appear "stepped". This is normal.
I find it helpful to set the optimal buy and sell values on the lowest scale indicator by itself with the other indicators unchecked at this point, adjust your buy/sell values until it signals true with a green or red buy/sell signal.
Now using your drawing tools, draw a box on the chart around the candles that correspond to the range of true signal displayed by the lower scale indicator.
Next, uncheck this indicator and move up to the next scale indicator (don't forget to check it's box to use it) and adjust your settings for that indicator, while trying to keep it's signal range to overlap the box you drew before.
Once you're happy with the values, adjust the boundaries of your box around the candles, so that it now represents where both indicators signal true. Keep adding indicators if you wish by following this procedure up the time scales.
The highest time scale will probably be the strategy indicator on your candles (LOWBB/EMAGAIN/EMASPREAD for example). As long as these larger scale indicators show a buy/sell zone that overlaps the box you drew for the lower scale indicators, then that should be where PT will make a trade.
Buy and Sell Values:
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When the indicator value is between your Value and Value Limit settings it will signal true with a coloured bar, green for buy, red for sell.
If you set the Buy or Sell value to zero, then no signal will be displayed. This is handy if you just want to focus on getting the buy settings dialed in. Just set the Sell value to zero.
If doing this with the MACD, both Buy/Sell value and value limit need to be zero as MACD can display negative values.
Buy and Sell Value Limits:
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The buy value limit must be less than the buy value.
The sell value limit must be greater than the sell value.
How can I see both RSI and MACD together?
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Short answer, you can't!
Long answer, you can? it just needs a work around.
Load this indicator on your charts twice. Set the first one to use the indicators you want EXCEPT MACD.
Then on the SECOND instance of this indicator (probably underneath), enable ONLY MACD.
Merge the MACD version up into the same panel as the first instance, making sure that the MACD version is "scaled left" and the first is "scaled right".
Right click any of the plot lines and select which one you need.
This method would also work if you wanted to use both Stochastic and StochasticRSI together, should that be something that you really wanted to do - no judgements here.
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Disclaimer
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