The daily is a three-day of the 14- day %K. The weekly is a three-day of the 70-day %K.
The oscillator ranges from zero to 100. Traditional settings use 80 as the overbought threshold and 20 as the oversold threshold. These levels can be adjusted to suit your analytical needs and the characteristics of the security you are trading. Readings above 80 for the weekly (70-day) oscillator would indicate the underlying security was trading near the top of its 70-day high–low range. Readings below 20 occur when a security is trading at the low end of 70-day high–low range. Readings above 80 for the daily (14-day) oscillator would indicate the underlying security was trading near the top of its 14-day high–low range. Readings below 20 occur when a security is trading at the low end of its 14-day high–low range. Oversold readings in the daily during an uptrend are often considered to be long trade opportunities. Conversely, overbought readings in the 14-day during a downtrend could be considered short trading opportunities.
Coded by: Twitter @borserman
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