This script will give you red or green columns as an indication for oversold/overbought based upon the rsi and stochastic both being at extreme levels (you set). The default oversold is at 35. If Stochastic and RSI fall below 35, you will get a green column (Both indicators at the extreme). Play with your levels to see how your stock reacts. RSI and Stochastic can both be changed along with each of the levels you would like the color change. I have set mine at RSI low: 37, RSI high: 63, Stoch low: 10, and Stoch high: 90. These levels have been working well for me on AAPL. Enjoy and don't forget to leave a comment if it helps your trading or you have other ideas about what is working for you.
//Created by Robert Nance on 6/26/15 //This script will give you red or green columns as an indication for oversold/overbought based //upon the rsi and stochastic both being at certain levels. The default oversold is at 35. If Stochastic //and RSI fall below 35, you will get a green column. Play with your levels to see how your stock reacts. study(title="RSI Stochastic Combo alert", shorttitle="Rob RSI Stoch") src = close, len = input(14, minval=1, title="RSI Length") up = rma(max(change(src), 0), len) down = rma(-min(change(src), 0), len) rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down)) length = input(14, minval=1, title="Stoch Length"), smoothK = input(1, minval=1, title="Stoch K") k = sma(stoch(close, high, low, length), smoothK) rsilow = input(35, title="rsi Low value") rsihigh = input(65, title="rsi High value") stochlow = input(35, title="stochastic Low value") stochhigh = input(65, title="stochastic High value") Buy=rsi<rsilow and k<stochlow Sell=rsi>rsihigh and k>stochhigh plot(Buy, title= "Buy", style=columns, color=lime) plot(Sell, title= "Sell", style=columns, color=red)