OPEN-SOURCE SCRIPT
Price Divergence Accumulate
Updated
Price divergence is a good indicator to detect a trend change.
But only check the divergence value is not enough, the time range of how long the trend continues also needs to be measured.
This indicator accumulated Price Divergence until it turns from plus to minus or minus to plus.
From this Accumulated Price Divergence
1. The upper-level (long term) trend should be supported by the lower-level (short term) trend.
if the peaks of the lower-level trend become lower and lower, it is indicating the upper-level trend might get an adjustment.
2. At the beginning of the upper-level trend
The 1st lower-level trend peak might exceed the upper-level trend. But often we see it will be corrected and 2nd lower-level trend will be underneath the upper-level trend.
But only check the divergence value is not enough, the time range of how long the trend continues also needs to be measured.
This indicator accumulated Price Divergence until it turns from plus to minus or minus to plus.
From this Accumulated Price Divergence
1. The upper-level (long term) trend should be supported by the lower-level (short term) trend.
if the peaks of the lower-level trend become lower and lower, it is indicating the upper-level trend might get an adjustment.
2. At the beginning of the upper-level trend
The 1st lower-level trend peak might exceed the upper-level trend. But often we see it will be corrected and 2nd lower-level trend will be underneath the upper-level trend.
Release Notes
1 . make the data source switchable (VWMA or EMA, default is VWMA, in case of no vol index please switch to EMA2 . Change the default color setting , just my private favorite
3 . add super long MA , which is 200 days as default.
Release Notes
Notes:This is the old version that stops update!!
Please search new user name for the new version!!
New user name:
TradiKator
You can still use this old version, all feature is still functional.
But it will be hidden by default setting.
If you like to use this old version please change the setting , enable it by yourself.
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.
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Disclaimer
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