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
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Added option to reverse the colors for RSI Stochastic OB / OS
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Adjusted colors for RSI Stoch. OB / OS
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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
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Added MFI and background highlights when MFI is OB/OS
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Set MFI OB/OS Highlights as default
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Optional Offset for divergences to where earliest entry can take place
Adjusted Alerts to be easier to see when selecting
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Mid Line Color According to RSI Above or Below Signal Line 1
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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
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Fixed Fault with signal line 2 - RSI Added color OB / OS highlights of RSI 5 on standard RSI - Shows exhaustion Changed some defaults
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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
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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
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!
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?
MadMoto29
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Hi how do you recommend trading using this indicator? I'm a binary options trader; but also looking into getting into "normal" trading. Thanks!
Lij_MC
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@MadMoto29, Hi, there are several ways of using this, the YouTube links in the my other comments under this indicator provide some basic concepts