Ehlers likes the idea behind StochRSI so much, he dedicated a full chapter in his book (linked below) on how stoch works with his "superlative" (his words, not mine) indicators. This is stoch of his CG oscillator.
Standard stochastic oscillator uses fixed period for calculations and does not adjust to the constantly changing market cycle length. Stochastic CG Oscillator does not have such a drawback.
Use this like normal stochRSI osc (Uncheck "Fill Osc/Trigger" option, sample chart below)
First, thank you very much for all the hard work with the indicators. I am "just" starting out with pinescript and I was wondering if this indicator is the same as this script:
davenewberg.com/Trading/TS_Code/Ehlers_Indicators/Stochastic_CG_Osc.html
I'm a bit confused about the huge difference in code.