Stochastic RSI and BB - RK

Dual-Power Indicator: Stochastic RSI and On-Chart Bollinger Bands!
I'm excited to present my latest Pine Script indicator, "Stochastic RSI and BB - RK." I designed this script to bring two of the most popular and effective technical analysis tools together into a single, cohesive view. By combining the power of Stochastic RSI in a lower pane with directly plotted Bollinger Bands on your main chart, I believe this indicator offers a unique advantage for identifying momentum shifts, overbought/oversold conditions, and volatility trends.

What I've Built In
I've carefully crafted this indicator with distinct features for both components:

1. Stochastic RSI (Lower Pane)

I've included a fully customizable Stochastic RSI in a separate pane below your main chart. This momentum oscillator helps you gauge whether an asset is overbought or oversold, based on its RSI value.

Smooth K & D Lines: I've provided inputs to fine-tune the smoothing periods for both the %K and %D lines, allowing you to adjust sensitivity to market noise.
RSI and Stochastic Lengths: You have full control over the lookback periods for both the underlying RSI calculation and the Stochastic process itself.
Customizable Source: I've made the RSI source adjustable, defaulting to close, but allowing you to experiment with other price types.
Clear Overbought/Oversold Zones: I've plotted standard 80 and 20 levels, along with a middle 50 line, and filled the area between 80 and 20 to easily visualize overbought and oversold regions.


2. On-Chart Bollinger Bands (Main Chart Overlay)

I've integrated Bollinger Bands directly onto your main price chart. These dynamic bands are a powerful tool for measuring volatility and identifying potential price reversal points.

Adjustable Length & Standard Deviation: I've included inputs for you to set the period for the moving average and the standard deviation multiplier, giving you flexibility to adapt to different instruments and timeframes.
Multiple MA Types: I've ensured you have a choice of popular moving average types for the basis of the bands: SMA, EMA, SMMA (RMA), WMA, or VWMA.
Offset Option: I've added an offset input for those who prefer to shift the bands horizontally.
Visual Clarity: The area between the upper and lower bands is filled, which I find greatly enhances readability and helps in quickly identifying periods of expansion or contraction.


How I Envision You Using This
I believe this dual-purpose indicator can be incredibly beneficial for confirming trade signals. For example, you might look for:

Potential Reversals: When price touches the Bollinger Band extremes while the Stochastic RSI is in an overbought/oversold zone and showing signs of turning.
Breakouts: When the Bollinger Bands narrow (indicating low volatility), followed by a breakout of the bands, confirmed by strong momentum on the Stochastic RSI.
Trend Confirmation: Using the Bollinger Bands to identify the prevailing trend and the Stochastic RSI to pick optimal entry and exit points within that trend.
I've put a lot of effort into making this a valuable tool for your trading arsenal. I truly hope this combination provides you with the clarity and edge needed to make more informed decisions.


If you find this script useful, please consider boosting it to show your support and encourage me to create more tools like this. Your feedback is highly appreciated as I constantly strive to improve.

I wish you all the best on your trading journey!