KingThies_

RSI Divergence (Pine v4)

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.
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Comments

Fair play though, judging by the results your way seems effective enough, possibly combine this with the ADX to filter the signals?
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caveat use the correlation function for the slope (Tangent) of both the RSI and the slope of Price
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Could you just use the Correlation function
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Good Script, Do you think it will work when i kept for 5 mins chart what will be advisable settings to do changes?
Reply
good script, thanks mate :)
Reply
bar input does nothing
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