See the True Momentum.
6 chart type, smooth RSI , add signal lines, find divergences, special alerts
This is 2nd version with major upgrade
Improved and more powerful
- See RSI in 6 type of chart(Candles, Hollow Candles, Siwi Candles, Heikin Ashi, HL Bar, Line)
- Monitor Up to 3 RSI , each one at desired resolution, source and length
- Smooth each one of chart separately to remove noises
- Add up to 3 signal line to primary chart in your desired source and type( SMA , EMA , WMA , HMA )
- Find divergences which has special parameters
- Gradient color adjustment of line chart
- Add alert for reaching to important levels and detected divergences
Bugs fixes, Improvements and New Features
- Hollow candle and Heikin Ashi weren't work correctly
- Divergence detector can use high|low data of selected chart type and adapt itself
- Algorithms have been edited, they are faster and better while they are shorter
- When we have real information, why not use it? Stochastic RSI is here!
- Pivot detection:
- Signalized Candles chart type:
To use this feature, the length of signal lines must be in ascending order. That is, A is faster than B and B is faster than C.
We take the signal line A value as close and B as open.
If this candle is bullish, the signal line C will used as low and vice versa
I set the default values experimentally and they work fine and recommend using the HMA for signal lines type since it react faster. Let me know if you find good settings!
I will publish more about how to use this mode to generate a signal, and I will go into more detail in that.
I hope it will be useful
Let us know what you think
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.