Internally, it calculates a Stochastic RSI oscillator to detect oversold reversals. When the Stochastic %K line rises above 10 while crossing above the %D line below 10, the script highlights the background in lime green to signal an oversold bounce. Settings allow switching between simple and exponential moving averages, adjusting moving average periods, and customizing Stochastic RSI smoothing lengths.
Three configurable moving averages with ribbon fills
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
src
source
close
src
Use EMA over SMA?
bool
false
use_ema
K
int
3
smoothK
D
int
3
smoothD
RSI Length
int
14
lengthRSI
Stochastic Length
int
14
lengthStoch
Short MA-1
int
25
ma1
Short MA-2
int
50
ma2
Short MA-3
int
75
ma3
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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