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Stochastic RSI (Stoch RSI)
While the Stochastic Oscillator monitors links between closing prices and the range, the Stochastic RSI monitors the RSI values and their links over time. The Stochastic RSI is an Indicator of an Indicator, as seen from its name.
The Stochastic RSI oscillator is calculated:
[ (Today's RSI - Lowest RSI in %K periods) / (Highest RSI in %K periods - Lowest RSI in %K periods) ] *100
The Stochastic RSI as well as the Stochastic Oscillator, as a rule, is accompanied by a second line %D (an EMA of the Stochastic values). From this point, the crossover events can be used to provide entry triggers (also as support to other indicators).