OPEN-SOURCE SCRIPT
RSI Divergence
RSI DIVERGENCE is a difference between a fast and a slow RSI. Default values are 5 for the fast one and 14 for the slow one.
You can use this indicator in 2 different ways:
You can use this indicator in 2 different ways:
- normal RSI: check double or triple top/bottom on a chart meanwhile RSI is descending/ascending (check the example on chart)
- signal line: when RSI Divergence cross zero line from bottom to top you get a buy signal (the line become green), vice versa when the RSI Divergence cross zero line in the opposite way you get a sell signal (the line become red)
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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