[RS]RSI Divergence V2

847 13
request for JR:
how does this look?
study(title="RSI Divergence V2", shorttitle="RSID.V2", overlay=false)
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(selllimit, color=maroon)

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

plot(negexcess, style=area, color=olive, histbase=selllimit)
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?

QuantitativeExhaustion

Example
QuantitativeExhaustion
QuantitativeExhaustion
what do you mean? update the 1st post?

Also RSI 50 has more weighted value over RSI 14 and 14:50 overbought divergence ratio

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.

Also worked in the opposite with BTC Bitcoin.
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.
RicardoSantos
How do you read this indicator Ricardo?
IvanLabrie

like this ;) , but JR already showed how to use it hes way on previous versions
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