RicardoSantos

[RS]RSI Divergence V2

request for JR:
how does this look?
Remove from Favorite Scripts Add to Favorite Scripts
study(title="RSI Divergence V2", shorttitle="RSID.V2", overlay=false)
buylimit = input(40)
selllimit = input(60)

source = close

rsi1 = rsi(source, input(14))
rsi2 = rsi(source, input(50))

plot(rsi1, color=#98b8be, style=histogram, linewidth=2, histbase=50)
plot(rsi2, color=#be9e98, style=histogram, linewidth=2, histbase=50)

plot(rsi1, color=black, style=line, linewidth=1)
plot(rsi2, color=black, style=line, linewidth=1)

hline(buylimit, color=green)
hline(selllimit, color=maroon)

//  ||---
excess = rsi2-rsi1
posexcess = excess > 0 ? buylimit-excess : buylimit
negexcess = excess < 0 ? selllimit-excess : selllimit

plot(posexcess, style=area, color=orange, histbase=buylimit)
plot(negexcess, style=area, color=olive, histbase=selllimit)
snapshot


It's a bit different than I had imagined. However, it does work. I'll give it more test runs.
+1 Reply
snapshot


Interesting chart to look over. You can see all the buying opportunities in the run up to 80 from 23.5
+1 Reply
snapshot


Also worked in the opposite with BTC Bitcoin.
+1 Reply
RicardoSantos PRO QuantitativeExhaustion
i also noticed that most of the time when the difference between the 14/50 rsi's , crossed above the 0 (60 in the indicator) it added a good entry for a buy, and the same inverted process when dropping bellow 0 (40 in the indicator) for selling.
snapshot
+3 Reply
IvanLabrie PRO RicardoSantos
How do you read this indicator Ricardo?
+1 Reply
snapshot

like this ;) , but JR already showed how to use it hes way on previous versions
https://www.tradingview.com/v/ewujODvl/#tc140468
[RS]RSI Divergence V0
+2 Reply
IvanLabrie PRO RicardoSantos
That's pretty good!
Those are all intraday trades i'd take manually.
Except for the one before the last (too low volatility)
+1 Reply
snapshot


Best way to represent a chart like this is to use two time frames. 1M:1W / 1W:1D / 1D:3h / 1h:15 / 30:5 / 5:1 ... As you get lower in time frames signals become less reliable. However, if time frames of longer time confirm lower time frames, you have a really good signal.

Later when TradingView adds loops we could have a divergence signal scripted to tell us the strength of the Divergence. This could be done with boldness of arrows or letters / both.
+1 Reply
snapshot


Also RSI 50 has more weighted value over RSI 14 and 14:50 overbought divergence ratio
+1 Reply
50 RSI (green) 14 RSI (orange), and 14:50 ratio in green/ red ; red 70 overbought (red) 30 oversold (green)

Can you update the description to read what's above?

+1 Reply
QuantitativeExhaustion QuantitativeExhaustion
snapshot


Example
+1 Reply
QuantitativeExhaustion QuantitativeExhaustion
snapshot
+1 Reply
RicardoSantos PRO QuantitativeExhaustion
what do you mean? update the 1st post?
+2 Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out