Multi-Length Stochastic Heat Map for Momentum Extremes

Summary

This indicator stacks up to 28 smoothed stochastic oscillators as horizontal color bands. The shortest lookbacks appear at the bottom and longer lookbacks above, giving a visual comparison of momentum across multiple time horizons. Color bands shift across thresholds from low to high oscillator readings, and optional bar coloring reflects the average reading across the active oscillators.

The script also plots a fast line derived from that average and a slower moving average of the fast line. Users can choose SMA, EMA, or WMA smoothing, adjust the oscillator increments and smoothing lengths, select a color theme, and enable a wave mode that changes the lookback spacing. The document describes how the indicator is constructed but supplies no performance tests or rules for entries and exits. Its momentum extremes are therefore visual cues, not evidence of predictive value; results may also depend on chosen settings and chart data.

Key ideas

• The indicator compares multiple stochastic lookbacks in vertically stacked colored bands.
• Shorter-term readings are placed below longer-term readings.
• An average of the active stochastic values drives fast and slow oscillator lines.
• Optional candle coloring maps the average reading to the same threshold-based colors.
• The script offers alternative smoothing methods and configurable lookback spacing.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.