Double Smoothed Stochastic Bressert

The DSS Bressert indicator was developed by Walter Bressert. It is smoother than a regular stochastic indicator but can be interpreted in generally the same way with 30 considered oversold and 70 considered overbought.

The calculations start with a normal raw stochastic. This stochastic is smoothed by an exponential moving averages before another raw stochastic is taken of the result. Then a second exponential moving average of the same period is applied to this second stochastic.

Custom PCF Formula 
/// <desc>Smoother than a regular stochastic indicator but can be interpreted in generally the same way with 30 considered oversold and 70 considered overbought.</desc>
/// <tag>DSS Bressert</tag>
param #StocPeriod = 14 /// <desc></desc>
param #kPeriod = 5 /// <desc></desc>
param #dPeriod = 1 /// <desc>Set to 1 if you want the %k.</desc>
100 * XAVG(XAVG((XAVG(STOC#StocPeriod, #kPeriod) - MIN(XAVG(STOC#StocPeriod, #kPeriod), #StocPeriod)) / (MAX(XAVG(STOC#StocPeriod, #kPeriod), #StocPeriod) - MIN(XAVG(STOC#StocPeriod, #kPeriod), #StocPeriod)), #kPeriod), #dPeriod)
Click to copy

Edit steps:

  1. Plot style--choose display style (default is Line)
  2. Plot color--user choice (grey selected for example)
  3. Period--choose period for indicator (correct for this indicator, 1)
  4. Average Type--choose average type (default is Simple)
  5. Formula:
    • Green text preceded by /// is description and not used in calculation
    • param #StocPeriod = lets you set the lookback period for the Stochastic (14 is default)
    • param #kPeriod = set smoothing value for %k of Stochastic (5 is default)
    • param #dPeriod = set smoothing value for %d of Stochastic (1 is default)
    • Formula: 100 * XAVG(XAVG((XAVG(STOC#StocPeriod, #kPeriod) - MIN(XAVG(STOC#StocPeriod, #kPeriod), #StocPeriod)) / (MAX(XAVG(STOC#StocPeriod, #kPeriod), #StocPeriod) - MIN(XAVG(STOC#StocPeriod, #kPeriod), #StocPeriod)), #kPeriod), #dPeriod)
  6. Line style--choose display style for indicator (solid, dotted, dashed)
  7. Line width--select from different widths for line
  8. Conditional Colors--set color of indicator based on conditions created (none in default)
  9. Plot opacity--select display opacity for indicator
  10. Data source--choose data on which indicator is calculated (Main Chart is default)
  11. Label--name to be displayed in the indicator pane

Add %d Plot.

Click indicator name in plot pane. Select Add Plot Here

Enter "moving" in type to Search and select Moving Average - Exponential from the list

An exponential moving average is added to the plot. Click the EMA name in the pane and select Edit

Set EMA period to 5 (and adjust any other settings as desired)

To display horizontal lines on chart, click the indicator name in the plot and choose Horizontal Line

Create a Green line at the 70 value and a red line at the 30 value.

To set the correct scaling method for the plot, click the indicator name in the plot and choose Scaling

Select Scale Method: 0 to100