The dafault value of RSI is 14 and value of the moving average is 50 ( a dynamic 50 rsi line is better for trend identification than a standard 50 line) and users can change the values from indicator settings.
For detecting the divergences displayed in the indicator, I integrated in our script the default Divergences indicator from Tradingview, users can display, hide and change colors for regular and hidden divergences.
RSI indicator display also trend conditions for RSI and RSI MA, the RSI MA angle is calculated using ATR value, the slope of the RSI Noving Average can help to identify trend conditions too.
The script comes with 12 different alerts, if need different alerts please let me know in the comments and will update the script with your request:
- Alert for Regular Bullish Divergence
- Alert for Regular Bearish Divergence
- Alert for Hidden Bullish Divergence
- Alert for Hidden Bearish Divergence
- Alert for RSI Overbought
- Alert for RSI Extreme Overbought
- "Alert for RSI Oversold
- Alert for RSI Extreme Oversold
- Alert for RSI Crossing Above RSI MA
- Alert for RSI Crossing Bellow RSI MA
- Alert for RSI Crossing Above 50
- Alert for RSI Crossing Bellow 50
Please follow me for other script like this one.
- Removed plotshape function from the divergence script as was generating warnings after latest pine script updates and replaced with label.new.
- Set the RSI Moving Average length to default 14, user can change the value to any value they want from dashboard (old default value was 50).
- Set the fill to false, if you like to add fill to rsi and MA just click on the checkbox from dashboard
- Added trend colors for RSI and RSI MA
- Added an RSI lenght 2 and an RSI length 5 with for an extra confirmation for trend direction, users can disable the rsi plots from dashboard.
- Added to plots of divergences "display = display.pane", so on scale divergences info to be hidden.
- Deleted the moving average fill and the MA label from oscillator
- Added 3 Higher Tmeframes RSI labels in oscillator
- Added Input for second and third rsi (default they are hidden now)
- Added Bullish and Bearish zones and replaced default 40-60 levels
- Changed default MA type to RMA with a length of 7, as seems is the best setting for MA of the RSI, users can change it anyway to what values and types they want
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.