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.
//Created by Robert Nance on 6/26/15 //This script will give you red or green columns as an indication for oversold/overbought based //upon the rsi and stochastic both being at certain levels. The default oversold is at 35. If Stochastic //and RSI fall below 35, you will get a green column. Play with your levels to see how your stock reacts. study(title="RSI Stochastic Combo alert", shorttitle="Rob RSI Stoch") src = close, len = input(14, minval=1, title="RSI Length") up = rma(max(change(src), 0), len) down = rma(-min(change(src), 0), len) rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down)) length = input(14, minval=1, title="Stoch Length"), smoothK = input(1, minval=1, title="Stoch K") k = sma(stoch(close, high, low, length), smoothK) rsilow = input(35, title="rsi Low value") rsihigh = input(65, title="rsi High value") stochlow = input(35, title="stochastic Low value") stochhigh = input(65, title="stochastic High value") Buy=rsi<rsilow and k<stochlow Sell=rsi>rsihigh and k>stochhigh plot(Buy, title= "Buy", style=columns, color=lime) plot(Sell, title= "Sell", style=columns, color=red)