What is this indicator?
Applies the Stochastic formula to RSI values (instead of price) to be more sensitive than plain RSI. Because of this it enters overbought/oversold zones earlier, but also produces more false signals.
How to read the chart
The indicator moving toward the ends of its range usually signals overbought or oversold conditions; a divergence between price and the indicator is also considered an important signal.
Practical tip
Instead of trading purely off reaching an overbought or oversold zone, first check the overall trend on a higher timeframe and only take signals that align with it.