Stochastic RSI
Stochastic RSI is a popular Amibroker AFL that combines the Stochastic Oscillator and Relative Strength Index (RSI) to identify overbought and oversold conditions in the market. Traders depend on Amibroker Data Feeder to access real-time market data, allowing them to apply the Stochastic RSI indicator effectively. It aids in pinpointing potential trend reversals and making well-informed trading decisions based on market momentum and RSI readings.
_SECTION_BEGIN("CCT StochasticRSI");
//
// Steve Karnish wrote:
//
// "Roger Altman, William Blau, Stanley Kroll, and Tushar Chande have all
// improved on J. Welles Wilder’s Relative Strength Index. I believe
// the best of these derivative indicators is the Stochastic RSI. [...] This
// version is just one of many I use. I like substituting the numbers 3, 5, 8
// & 13 in this formula. "
//
//------------------------------------------------------------------------------
/* CCT StochRSI
**
** Originally developed by Steve Karnish
** http://www.cedarcreektrading.com
**
** AFL translation by Tomasz Janeczko
**
** Set scaling: Custom 0..100
** Grid: 30/70
*/
period = 14;
StoRSI =EMA(100*( ( RSI( period ) - LLV( RSI( period ) , period ) ) / ( ( HHV( RSI( period ) , period ) ) - LLV(RSI( period ), period ) ) ),3);
Plot( StoRSI , "StoRSI", colorBlack, styleDashed,styleOwnScale);
GraphXSpace = 2;
_SECTION_END();