OPEN-SOURCE SCRIPT

BUBD+ - Bats Ultimate Bullish Divergence Detector

Updated

BUBD checks for price divergence from oscillators across 6 different oscillators - MACD, CCI (Vol. weighted), RSI, Stochastic RSI, Money Flow and Relative Vigor index. Use it to find good entry spots for longs and also to find downtrend reversals. If this gets popular I will release a Bearish divergence indicator as well.

Please check your stock/crypto across all time frames to get a hint of any developing "Bullish" divergences.
In case you get mixed signals -
Blue - RSI
Purple - RVI
Yellow - CCI
Green - MACD
Lime light green - MFI
Orange - Stoch RSI

Dont get confused by signals appearing on top and bottom all are bullish indicators. If you see a signal go to the respective oscillator to check the developing trend.

Release Notes

BUBD+ Updated- Formula for MFI upgraded to Stochastic MFI to avoid choppiness and Thresholds for divergences increased on RSI and MACD. RVI updated to standard 10 period average instead of 14.

Release Notes

CCI had an error, rectified it.

Release Notes

Colour coding has been changed to facilitate use with Bearish divergence simulataneously - Bullish colours are light colours.
MACD- Green
RVI - Pink
Stoch RSI - Orange
MFI - Lime
CCI - yellow
RSI - Aqua

Release Notes

Updates in formulae made to make sure old cycles are eliminated.

Release Notes

mfi formula instead of stoch MFi used

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.

Want to use this script on a chart?

UnknownUnicorn1178563

Disclaimer

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