Stochastic RSI makes a stochastic calculation on the RSI indicator. The Relative Strength Index (RSI) is a well known momentum oscillator that measures the speed and change of price movements, developed by J. Welles Wilder.

Features

• Find overbought and oversold situations.
• Sound alert when overbought/oversold level is reached.
• Get email and/or push notification alerts when a signal is detected.
• The indicator is non-repainting.
• Returns buffer values for %K and %D to be used as part of an EA . (see below)

Basic Strategy

• Look for shorts when the price rises above the upper boundary.
• Look for longs when the price falls below the lower boundary.

Inputs

• RSI Period: Typically set to 14
• %K period: Typically set to 8
• %K Smoothing Period: Set to 1 for the default %K calculation. Set a higher value to have %K smoothed using an X-period Simple Moving Average (SMA). This also affects %D since it is the SMA of %K.
• %D period: Typically set to 5

For EA Developers

The indicator can be easily used as part of an EA.

• Buffer for %D value = 0
• Buffer for %K value = 1