MTI Stochastic RSI with Color Bars and Zones — Indicator by FXCloud

Plots the %D line of a Stochastic Oscillator calculated from the RSI of close of length 14.
Red Sell Zone above 80, candles paint red
Green Buy Zone below 20, candles paint green

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

study(title="MTI Stochastic RSI", shorttitle="MTI Stoch RSI Color Zones")
//Inputs
src = input(close, title="RSI Source")
lengthRSI = input(14,title="RSI Length", minval=1)
smoothK = input(8,title="%K", minval=1)
smoothD = input(5,title="%D", minval=1)
Overbought=input(80)
Oversold=input(20)
//RSI Calculation
rsi1 = rsi(src, lengthRSI)
//StochRSI Calculation
k=100*(rsi1-lowest(rsi1,smoothK))/(highest(rsi1,smoothK)-lowest(rsi1,smoothK))
d=sma(k, smoothD)
//StochRSI Plot
//plot(k,title="%K",color=red)
plot(d, title="%D", color=blue)
//Buy and Sell zones
h0 = hline(Overbought,title="Overbought",color=red,linestyle=solid)
h1 = hline(Oversold,title="Oversold",color=lime,linestyle=solid)
h2=hline(100,color=black)
h3=hline(0,color=black)
fill(h2,h0, color=red, transp=80)
fill(h3,h1, color=lime, transp=80)
//Bar Color
SellZone()=> d>=Overbought
BuyZone()=> d<=Oversold
barcolor(BuyZone() ? lime : SellZone() ? red : na)