OPEN-SOURCE SCRIPT
RSI with Close & Tail Divergences
Updated
RSI divergence is a cornerstone signal for both stock and cryptocurrency traders, renowned for its reliability.
The basis for measuring divergence can vary:
Depending on the criteria selected, the resultant signals can be markedly different.
Our innovative indicator offers:
With this tool, traders are empowered to make informed decisions, anchored in precise divergence cues.
This indicator boasts the following capabilities:
The basis for measuring divergence can vary:
- Historically, it's been determined by the candlestick's closing price.
- However, a contemporary approach uses the tail values, specifically the high and low prices, of the candlestick.
Depending on the criteria selected, the resultant signals can be markedly different.
Our innovative indicator offers:
- Divergence tracking based on the closing price of the candlestick.
- Divergence tracking considering the candlestick's peak and trough values.
- A unique convergence of both types of divergence signals.
With this tool, traders are empowered to make informed decisions, anchored in precise divergence cues.
This indicator boasts the following capabilities:
- Displays divergence based on closing price, highs/lows, as well as a unique combined criterion.
- Highlights pivot points.
- Denotes divergence spots on the RSI chart with lines.
- Offers a background color representation instead of labels.
Release Notes
RSI divergence is a cornerstone signal for both stock and cryptocurrency traders, renowned for its reliability.The basis for measuring divergence can vary:
- Historically, it's been determined by the candlestick's closing price.
- However, a contemporary approach uses the tail values, specifically the high and low prices, of the candlestick.
Depending on the criteria selected, the resultant signals can be markedly different.
Our innovative indicator offers:
- Divergence tracking based on the closing price of the candlestick.
- Divergence tracking considering the candlestick's peak and trough values.
- A unique convergence of both types of divergence signals.
With this tool, traders are empowered to make informed decisions, anchored in precise divergence cues.
This indicator boasts the following capabilities:
- Displays divergence based on closing price, highs/lows, as well as a unique combined criterion.
- Highlights pivot points.
- Denotes divergence spots on the RSI chart with lines.
- Offers a background color representation instead of labels.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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