[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)
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

+1 Reply
QuantitativeExhaustion QuantitativeExhaustion
+1 Reply
RicardoSantos QuantitativeExhaustion
what do you mean? update the 1st post?
+2 Reply

Also RSI 50 has more weighted value over RSI 14 and 14:50 overbought divergence ratio
+1 Reply

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

Also worked in the opposite with BTC Bitcoin.
+1 Reply
RicardoSantos 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.
+3 Reply
IvanLabrie RicardoSantos
How do you read this indicator Ricardo?
+1 Reply

like this ;) , but JR already showed how to use it hes way on previous versions
+2 Reply
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