This indicator make stochastic calculation of a RSI indicator over the last X periods (RSI and stochastic periods can  be modified in the first line of code).

By adding Bollinger bands of 2 standard deviations of the “Stoch RSI” curve, dynamic zones of overbought and oversold areas are displayed.

This code has been translated from LUA programming language, original indicator from fxcodebase.

//PRC_Dynamic Zone StochRSI | indicator
//17.02.2017
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
//converted from LUA (TS2) version

// --- parameters
N=14 //Number of periods for RSI
K=14 //%K Stochastic Periods
KS=5 //%K Slowing Periods
D=3 //%D Slowing Stochastic Periods
 
//Bollinger Band Calculation
Period=20
Dev=2.0 //Number of standard deviations
// --- end of parameters

rrsi = rsi[N]
maxrsi = highest[K-1](rrsi)
minrsi = lowest[K-1](rrsi)

if maxrsi=minrsi then 
 ski = 100
else
 ski = (rrsi-minrsi)/(maxrsi-minrsi)*100
endif

SK = average[KS](ski)
SD = average[D](SK)

BB = average[Period](SK)
BBup = BB+std[Period](sk)*dev
BBdn = BB-std[Period](sk)*dev

RETURN BB coloured(0,200,0) style(line,2)  as "Bollinger central", BBup coloured(200,0,0) style(line,2) as "Bollinger Up", BBdn coloured(200,0,0) style(line,2) as "Bollinger Down", SD coloured(0,140,255) style(line,2) as "SD", SK coloured(100,100,100) style(dottedline,1) as "SK"