Stochastic RSI - MetaTrader 5 Script - MQL5 #20342 - MT4/MT5 Resources
In their 1994 book The New Tech Trader, Tushar S. Chande and Stanley Kroll explain that the RSI can oscillate between 80 and 20 for extended periods of time without reaching extreme levels. Note that 80 and 20 are used to indicate overbought and oversold, rather than the more traditional 70 and 30. Traders looking to buy stocks based on overbought or oversold RSI readings may find themselves on the sidelines. Chande and Kroll developed Stochastic RSI to increase sensitivity and generate more overbought/oversold signals.
This version differs from their description in that it uses a signal wire to make it more sensitive.
Attachment download
📎 stochastic_rsi.mq5 (6.86 KB)
Source: MQL5 #20342
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