OPEN-SOURCE SCRIPT

RSI Divergence (Pine v4)

Updated
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.
Release Notes
Complete Upgrade - Logic restructured and implemented.
Release Notes
upgraded to pine v5
Release Notes
Added Alert Parameters
Release Notes
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
Release Notes
May 11, 2023
  • Terminology updated
  • Removal of deprecated 'transp=' color function
  • User Menu Reformatted
OscillatorspineRelative Strength Index (RSI)rsidivergenceTrend Analysis

Open-source script

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 publication is governed by House rules. You can favorite it to use it on a chart.

Want to use this script on a chart?


Eric Thies
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