RSI Divergence (Pine v4)

6 feb 2020

Summary
Script highlights the divergences in RSI worth taking notice of. By comparing current envionment to relative sample we can see more than
the standard divergences that many catch through analysis. This framework aims to remove the bias or noise many see when looking for any supporting
evidence to their given emotion on a market.

Step-by-Step Walkthrough

• Calculates RSI
  
• Sets Divergence Framework
  
• -------> a. Defining variable values, mandatory in Pine 4)
  
• -------> b. Identify Divergences --> "If bar with lowest / highest is current bar, use it's value"
  
• Compare high of current bar being examined with previous bar's high --> "If curr bar high is higher than the max bar high in the lookback window range"
  
• Finds pivot point with at least 2 right candles with lower value
  
• Finds pivot point with at least 2 right candles with lower value
  
• Plot
  
• Set Alerts
  

This RSI Script is intended for public use and can be shared / implemented as needed
Questions? I do not monitor my TradingView inbox. See email address in signature at the bottom of this page for contact information.

29 giu 2020

Note di rilascio

Complete Upgrade - Logic restructured and implemented.

28 nov 2021

Note di rilascio

upgraded to pine v5

28 nov 2021

Note di rilascio

Added Alert Parameters

18 gen 2022

Note di rilascio

Updating to include the same functionality that the built-in Tradingview RSI Indicator has standard, with SMA/EMA/BBand 'switch' function has recently added + cleaned up some of the syntax to be in alignment with the Pinecoders recommendations.

If the former versions are preferred, simply copy the old pinescript and add as your own indicator.

Cheers,

ET

11 mag 2023

Note di rilascio

May 11, 2023

• Terminology updated
  
• Removal of deprecated 'transp=' color function
  
• User Menu Reformatted