Lately I had quite a few requests for an RSI divergence development, so I decided to make a publish version of such indicator. This is how it works:
It searches for peaks on the RSI indicator (not on the price!):
when the RSI values greater than two values before and after that value it's a peak
when the RSI values lesser than two values before and after that value it's a trough
NOTE: The peak/trough could be detected only after two new bars are formed!
The indicator remembers high/low price on the bar with the peak/trough. When the indicator value at the peak is lower than the indicator value at the previous peak and the low price at the current peak is higher than the low price at last peak then it's a hidden bullish. Vice versa for the trough.
So, this indicator can detect the next cases:
indicator fall + high rise = regular bearish
indicator rise + high fall = hidden bearish
indicator rise + low fall = regular bullish
indicator fall + low rise = hidden bullish
You can donate ETH (0xa961e3866f58c36aaef958714d4f75d9c081b8bc) if you want to thank me more than just a like or a comment.
Can you pm me the code? I want to tweak it and add some spices to my indicator strategy, check out my professional profile and indicator "Cryptocaptain_"
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Hi could you give me access to the code ? I would like to implement it in metatrader5 and in my strategy. Thanks for your return, as it 's a very good rsi indicator imho.
Nolan1368
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What is the default lookback period, or look left and look right?
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