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 jun 2020

Notas de prensa

Complete Upgrade - Logic restructured and implemented.

28 nov 2021

Notas de prensa

upgraded to pine v5

28 nov 2021

Notas de prensa

Added Alert Parameters

18 ene 2022

Notas de prensa

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 may 2023

Notas de prensa

May 11, 2023

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

5 dic

Notas de prensa

Conversion to Pine v6

• Faster loading and rending on chart
  

hace 6 días

Notas de prensa

Updated to Pine v6

• Added gradient fill for overbought and oversold
  
• Scales will only show RSI value and RSI MA value