StochRSI (Stochastic Relative Strength Index) was developed Tushar Chande and Stanley Kroll in 1994. The developers aimed to increasing the sensitivity of RSI (Relative Strength Index), the disadvantage of which is fluctuation between boundary lines and no signals to open a position.
The indicator has seven configurable parameters:
K = SMA(SKI, Stoch Slowing K)
D = SMA(K, Stoch Slowing D)
If Min != Max:
SKI = 100.0
RSI = RSI(RSI Period, Applied price)
Max, Min - the highest and the lowest value of RSI over Stoch Period
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/21111