Lij_MC

RSI Divergence Ultimate

Here it is Everyone - What was once hidden is now revealed

This is the Ultimate RSI Divergence Indicator

Not only does it plot Regular and Hidden Divergence lines for an RSI smoothed by an EMA and for its Signal Line
The RSI can be set to change color with direction or can be set as single color with or with out OB / OS highlights
Color Changing RSI helps when trading Multiple Time Frames as you can look for confluence in the direction of RSI

Included options for the Signal Line include;
Various calculations EMA , SMA and Linear Regression which provides very accurate signal line crossover signals
Color Changing with direction
Second RSI with different Length
Multi Time Frame RSI
Bollinger Bands applied to the RSI
RSI Stochastic that has been compressed to fit into RSI OB / OS so that it doesnt compress the RSI when in these regions
There are also Background Highlights (thanks to Chris Moody) for when the RSI Stochastic moves into OB / OS and crosses its signal line

There are plenty of Alerts for signals with more complex alerts coming soon
I have also added Hima Reddy's Power Zones for support and resistance so now you can also
Take full advantage of trading; signal line crosses, 50 crosses and Power Zone RSI support and resistance and much more
The divergence script is thanks to @RicardoSantos, I've just adjusted it to suite my indicator
Remember that divergences work best when traded with the trend or very late in a trend when going against the trend
Release Notes: Added option to reverse the colors for RSI Stochastic OB / OS
Release Notes: Adjusted colors for RSI Stoch. OB / OS
Release Notes: Changed Menu and how RSI Timeframes are selected

Added Choppiness Index Overlay and single bar Histogram colored according to significant levels

Added further highlights as RSI moves into Power Zones or consolidation zone
Release Notes: Added MFI and background highlights when MFI is OB/OS
Release Notes: Set MFI OB/OS Highlights as default
Release Notes: Optional Offset for divergences to where earliest entry can take place

Adjusted Alerts to be easier to see when selecting
Release Notes: Mid Line Color According to RSI Above or Below Signal Line 1
Release Notes: Set to optimal settings
Added menu for adjustment of MFI OB /OS thresholds for Background Highlights

Tips for use;

Use Hima Ready levels for S/R of RSI

Look for RSI to cross Signal Line (Center Line Color) and Signal Line Direction for confirmation

Look for confluence with your entry indicator

Use appropriate Risk Management
Release Notes: Fixed Fault with signal line 2 - RSI
Added color OB / OS highlights of RSI 5 on standard RSI - Shows exhaustion
Changed some defaults
Release Notes: Added Alerts for RSI crossing into Over Bought / Over Sold regions & RSI Crossing the 50 / Mid Line
Added Highlights for when RSI Crosses the 50 / Mid Line - Sorry Folks I had to remove the choppiness index to be able to do this
Release Notes: Added more Alerts

Please note that alerts are not setups in themselves, they are only there so you can be aware to start looking for setups
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

Hello, is it possible to put an alert when 6 or more indicators match to buy and sell and add the code so that a backtest can be done using the Tradingview simulator? Thank you!
+4 Reply
For some reason when I open your script in tradingview, it doesn't show me anything on the chart with the candle sticks. Do you perhaps have a solution for this?
+1 Reply
HI, what's the script "My Level" ? look great haha thanks
Reply
Hi how do you recommend trading using this indicator? I'm a binary options trader; but also looking into getting into "normal" trading. Thanks!
Reply
Lij_MC MadMoto29
@MadMoto29, Hi, there are several ways of using this, the YouTube links in the my other comments under this indicator provide some basic concepts
+3 Reply
hey man, this is an amazing indicator! is it possible to change the the number or left bar lookup for RSI divergences?
Reply
I was looking for something in particular and found this "fount of perfect indicators". Lij_MC likes equipping his scripts not just with all you have ever dreamt about but even a bit more. You can adjust anything, literally. So spend some time with his work, it's definitely worth it. He managed to implement the Hima Reddy's RSI Power Zones into "Ultimate RSI Divergence" as well so you'd better hurrrry and give it a try! ;-)
Reply
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