Smoothed Random Walk Index. It gives slightly slower but less false signal than stochastic.
If it draws double bottom with higher low, long entry is considered. If it draws double with lower high, short entry is considered.
For more accuracy, another smoothed RWI with slower setting is needed. If fast setting RWI draws lower high AND slower setting RWI is also going down(red color), short entry is considered with more confidence.
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Updated: Converted to Pinescript V4. Background color option for overbought and oversold zone. Center line is visible as default.
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Upper, Lower line can be visible by adjusting opacity option in Style tab.
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There was an issue with Pinescript V4 so I uploaded the V3 again.