StochRSI — Indicator by ChaosTrader

StorchRSI indicator example.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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//Developed by Tushar Chande and Stanley Kroll.
//Robert C. Miner calls it by his proprietary name, Dynamic Trader Oscillator or DTOsc and his considerable
//  innovations   were to set the oversold level at 25, set the overbought level at 75,
//  and to come up with 4 special settings:  8,5,3,3  13,8,5,5  21,13,8,8  34,21,13,13 
//  His High Probability Trading Strategies is one of the best books ever written on trading.
study(title="StochRSI", shorttitle="StochRSI")
source = close
lengthRSI = input(8, minval=8), lengthStoch = input(5, minval=5)
smoothK = input(3,minval=3), smoothD = input(3,minval=3)
OverSold = input(25), OverBought = input(75)
rsi1 = rsi(source, lengthRSI)
k = sma(stoch(rsi1, rsi1, rsi1, lengthStoch), smoothK)
d = sma(k, smoothD)
hline(OverSold,color=blue)
hline(OverBought,color=blue)
plot(k, color=black,title="k-line")
plot(d, color=fuchsia,title="d-line",linewidth=1)