Double stochastic is used as a cycle indicator. You can use a long term and short term cycles on your chart and take oversold short term trades in the direction of the long term cycle. This is not holy grail!
This indicator is from the Ninja Trader Support Forum.
Hey Elite Circle Members!.. I wanted to go ahead and share something that Big Mike wrote for me that may help you in your trading. This indicator utilizes Volume, Stochastics, and Reversal Bars, to plot out potential reversals in the market.