PROTECTED SOURCE SCRIPT
Divergence Detector v1
This indicator looks for divergences between price (close) and the indicator of your choice. You can see which indicators are supported further down. I discovered that there are 2 slight variations on how to calculate divergences in Pinescript, so I used both in this script.
Benefit: The accuracy of divergence detection becomes much higher.
Tradeoff: Some of the labels will overlap each other, not looking too pretty. I know how to fix this, but I didn't prioritize it with this version.
Supported indicators:
You can switch between them in the settings display of the indicator. Default is set to RSI.
Benefit: The accuracy of divergence detection becomes much higher.
Tradeoff: Some of the labels will overlap each other, not looking too pretty. I know how to fix this, but I didn't prioritize it with this version.
Supported indicators:
- RSI (Relative Strength Index) - investopedia.com/terms/r/rsi.asp
ROC (Rate of Change) - investopedia.com/terms/r/rateofchange.asp
CCI (Commodity Channel Index) - investopedia.com/terms/c/commoditychannelindex.asp
OBV (On Balance Volume) - investopedia.com/terms/o/onbalancevolume.asp
You can switch between them in the settings display of the indicator. Default is set to RSI.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.