It gives slightly slower but less false signal than .
If it draws with higher low, long entry is considered.
If it draws double with lower high, short entry is considered.
For more accuracy, another smoothed with slower setting is needed.
If fast setting draws lower high AND slower setting is also going down(red color),
short entry is considered with more confidence.
Converted to Pinescript V4.
Background color option for overbought and oversold zone.
Center line is visible as default.