OPEN-SOURCE SCRIPT
RSI-Stochastic Hybrid v2
**For those who like a smooth ride...v2 of this script is now updated with optional exponential averaging of the stochastic and RSI. So for instance a value of 3 for smoothing of the stochastic is like using %D instead of %K. **
This is a very simple idea - an average of RSI and the Stochastic Oscillator. However it offers plenty of flexibility for tuning to your requirements. You can change the lengths of either indicator and the weighting of each. By default it's set to 50/50 (just change the percent RSI to adjust). There is also an optional EMA which can be used as a signal line.
This idea comes from Greg Morris who likes to use it for trend following. I would buy when the indicator hits the overbought line and sell when it goes below 50.
This is a very simple idea - an average of RSI and the Stochastic Oscillator. However it offers plenty of flexibility for tuning to your requirements. You can change the lengths of either indicator and the weighting of each. By default it's set to 50/50 (just change the percent RSI to adjust). There is also an optional EMA which can be used as a signal line.
This idea comes from Greg Morris who likes to use it for trend following. I would buy when the indicator hits the overbought line and sell when it goes below 50.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.