OPEN-SOURCE SCRIPT
Updated Ehlers-Smoothed Stochastic RSI [Krypt]
This script uses a regular Stochastic RSI formula and then runs Ehlers' Super Smoother on top of it. It also provides buy/sell signals on crossovers.
The script is inspired by LazyBear Ehlers-Smoothed Stochastic RSI with Roofing Filter, except I find that the Roofing filter (existing implementation) does not work well near extreme price changes, where a regular formula is preferable. The Ehlers Super Smoother however is excellent and seems to provide earlier signals in most cases than an EMA-EMA smoother. Combined, the super-smoother and regular Stochastic RSI formula provide very good results.
The script is inspired by LazyBear Ehlers-Smoothed Stochastic RSI with Roofing Filter, except I find that the Roofing filter (existing implementation) does not work well near extreme price changes, where a regular formula is preferable. The Ehlers Super Smoother however is excellent and seems to provide earlier signals in most cases than an EMA-EMA smoother. Combined, the super-smoother and regular Stochastic RSI formula provide very good results.
Release Notes
update chart and remove commentRelease Notes
drop 1st candle for stability in the beginningRelease Notes
Custom calculations for more accuracy in the beginning of the chartRelease Notes
adjust colors to make indicator work in dark modeOpen-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.
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.
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.