Get started
OPEN-SOURCE SCRIPT

Stochastic / RSI (Wilder's [RMA] or Arnaud Legoux [ALMA])

By jmhugh
Updated
This script displays the Stochastic and Relative Strength Index ("RSI") indicators. Each indicator can be displayed standalone or shown together. The Stochastic indicator also has functionality to highlight overbought/oversold levels as well as relative placement of K and D. The RSI indicator can also be updated to utilize the Arnaud Legoux Moving Average ("ALMA") (vs. the standard Wilder's Moving Average).

I use based on default settings. ALMA RSI can help indicate extent of drop/rise from Stochastic overbought/oversold levels.

Recognition due to kurtsmock for the work on validating the ALMA calculation (pinescript built-in function has slight deviation from original design) ---> LINK (tradingview.com/script/rqxaTb6E-ALMA-Function-FN-Arnaud-Legoux-Moving-Average/).
Release Notes
- Fixed 'Show RSI?' option to correctly hide RSI if toggled off
- Edited default transparency on Stochastics to 80 (from 90)
Release Notes
- Reordered Order of Options
Release Notes
-Upgraded code to Pine v5
-Cleaned up code and simplified 'inputs' coding
-Adding Standard RSI Len 9, 45-55 'chop zone' coloring that will display whether Standard or ALMA RSI is utilized (meant to indicate when price is choppy)
Relative Strength Index (RSI)Stochastic Oscillator

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 publication is governed by House rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

jmhugh

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.