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.
study(title="Stochastic RSI", shorttitle="Stoch RSI", overlay = true) Per = input(5, title="Length", minval=1) smoothK = input(3, minval=1) smoothD = input(3, minval=1) lengthRSI = input(14, minval=1) lengthStoch = input(14, minval=1) src = input(close, title="RSI Source") rsi1 = rsi(src, lengthRSI) K = sma(stoch(rsi1, rsi1, rsi1, lengthStoch), smoothK) D = sma(K, smoothD) rvi = sum(swma(close-open), Per)/sum(swma(high-low),Per) sig = swma(rvi) //plot(rvi, color=green, title="RVI") //plot(sig, color=red, title="Signal") //plot(K, title="K") //plot(D, title="D") Dn = K <= D and K > 70 and rvi <= sig and rvi >= sig Up= K >= D and K < 30 and rvi >= sig and rvi <= sig ARROW = Up - Dn plotarrow(ARROW, title="Down Arrow", colordown=red, transp=0, maxheight=10, minheight=10) plotarrow(ARROW, title="Up Arrow", colorup=lime, transp=0, maxheight=10, minheight=10)