There is a nice writeup about a system that uses DMISTO here, which includes decent statistics:
traderedge.net/2013/...obability-reversals/
I have not yet done any back testing on the system as a whole myself, but thought the DMISTO was an interesting indicator, so ported it over for those who might want to play with it and create their own systems. I added dots that denote signals similar to the system described above, which can be turned off if desired.
traderedge.net/2013/...obability-reversals/
I have not yet done any back testing on the system as a whole myself, but thought the DMISTO was an interesting indicator, so ported it over for those who might want to play with it and create their own systems. I added dots that denote signals similar to the system described above, which can be turned off if desired.
study(title="TheLark: Directional Movement Index Stochastic", shorttitle="DMISTO_LK", overlay=false) //•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•// // // // DMISTO BY THELARK // // ~ 8-4-14 ~ // // // // •/• // // // // https://www.tradingview.com/u/TheLark // // // //•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•// // Wells Wilders MA wwma(l,p) => wwma = (nz(wwma[1]) * (l - 1) + p) / l // Inputs DMIlength = input(10,title="DMI Length") Avglength = input(3, title="Avg Length") ShowDots = input(true) ob = input(90,title="Over Bought") os = input(10,title="Over Sold") // Osc Calc hiDiff = high - high[1] loDiff = low[1] - low plusDM = (hiDiff > loDiff) and (hiDiff > 0) ? hiDiff : 0 minusDM = (loDiff > hiDiff) and (loDiff > 0) ? loDiff : 0 ATR = wwma(DMIlength, tr) PlusDI = 100 * wwma(DMIlength,plusDM) / ATR MinusDI = 100 * wwma(DMIlength,minusDM) / ATR osc = PlusDI - MinusDI // STO hh = highest(osc,DMIlength) ll = lowest(osc,DMIlength) sto = 100 * (osc-ll) / (hh-ll) kslow = sma(sto, Avglength) perd = sma(kslow,Avglength) // Plots plot(ob,color=gray) plot(os,color=gray) plot(ShowDots ? kslow[1] < perd[1] and kslow > perd and perd < os ? os : na : na,style=circles,color=lime,linewidth=2) plot(ShowDots ? kslow[1] > perd[1] and kslow < perd and perd > ob ? ob : na : na,style=circles,color=orange,linewidth=2) plot(kslow, color=#0EAAEF,title="DMISTO-slow",linewidth=1) plot(perd, color=red,title="DMISTO-slow",linewidth=1) //plot(sto, color=#0EAAEF,title="DMISTO",linewidth=1)