Divergence Backtester - V2 — Indicator by Trendoscope

oscillator relativestrengthindex zigzagindicator dovergence probabilities stats hewhomustnotbenamed trendoscope

Further attempts to study divergence impact on price in shorter terms.

Previous study can be found here:

In this script, we are trying to gather the stats based on last two pivot state together. For example, Individual table of Pivot High Projection is as explained below:

But, by looking at the bigger picture, we can further estimate following things regarding the current unconfirmed pivot and the new pivot which is yet to be formed.

Release Notes:

Fixed a bug on lower pivot estimation.

Also added average fib ratios for each case.

Release Notes:

Few more fixes.

Release Notes:

Small updates from next pivot projection script.

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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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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