OPEN-SOURCE SCRIPT

Stochastic Relative strength Index Smoothed Alma [DM]

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Greetings colleagues
here I sahre a StoRSI script with the Arnaud Legoux moving average smoothing.
I think it is the stochastic has been built "with coherence", I have established some signal lengths so that the behavior is as close to the normal Stochastic RSI 14-14-3-3.
Right now I am working on other indicators and over time I will try to share which lengths I think are the best, but I always recommend increasing the main length and then

adjusting the smooth on every plots.
Warning signs and plotshapes are incorporated
Color changes
adjustable overbought and oversold zones

I hope you enjoy

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Developed by George C. Lane in the late 1950s, the Stochastic Oscillator is a momentum indicator that shows the location of the close relative to the high-low range over a set number of periods. According to an interview with Lane, the Stochastic Oscillator “doesn't follow price, it doesn't follow volume or anything like that. It follows the speed or the momentum of price. As a rule, the momentum changes direction before price.”
Developed by J. Welles Wilder, the Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. RSI oscillates between zero and 100. According to Wilder, RSI is considered overbought when above 70 and oversold when below 30. Signals can also be generated by looking for divergences, failure swings and centerline crossovers. RSI can also be used to identify the general trend.

From the Author: (Arnaud Legoux & Dimitris Kouzis-Loukas)
It removes small price fluctuations and enhances the trend by applying a moving average twice, one from left to right and one from right to left. At the end of this process the phase shift (price lag) commonly associated with moving averages is significantly reduced. Zero-phase digital filtering reduces noise in the signal. Conventional filtering reduces noise in the signal, but add delay.
The ALMA can give some excellent results if you take the time to tweak the parameters (don’t need to explain this part, it will be easy for you to find the right setting in less than hour).

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