OPEN-SOURCE SCRIPT
POB RSI Bullish Divergence
//version=5
indicator("RSI Bullish Divergence", overlay=true)
// RSI Settings
rsiLength = input(14, title="RSI Length")
rsiSource = input(close, title="RSI Source")
rsiLevel = input(30, title="RSI Bullish Threshold")
// Calculate RSI
rsiValue = ta.rsi(rsiSource, rsiLength)
// Detecting Bullish Divergence
// We check if the price is making a lower low but the RSI is making a higher low
// Price lows
priceLow = ta.lowest(low, 10)
// RSI lows
rsiLow = ta.lowest(rsiValue, 10)
// Check for Bullish Divergence (price low < previous low, RSI low > previous low)
bullDiv = (priceLow < priceLow[1]) and (rsiLow > rsiLow[1])
// Plot the Bullish Divergence signal on the chart
plotshape(bullDiv, title="Bullish Divergence", location=location.belowbar, color=color.green, style=shape.labelup, text="BULL")
// Optional: Plot the RSI line for reference
plot(rsiValue, title="RSI", color=color.blue, linewidth=1, offset=-1)
hline(30, title="RSI Threshold", color=color.red, linestyle=hline.style_dotted)
indicator("RSI Bullish Divergence", overlay=true)
// RSI Settings
rsiLength = input(14, title="RSI Length")
rsiSource = input(close, title="RSI Source")
rsiLevel = input(30, title="RSI Bullish Threshold")
// Calculate RSI
rsiValue = ta.rsi(rsiSource, rsiLength)
// Detecting Bullish Divergence
// We check if the price is making a lower low but the RSI is making a higher low
// Price lows
priceLow = ta.lowest(low, 10)
// RSI lows
rsiLow = ta.lowest(rsiValue, 10)
// Check for Bullish Divergence (price low < previous low, RSI low > previous low)
bullDiv = (priceLow < priceLow[1]) and (rsiLow > rsiLow[1])
// Plot the Bullish Divergence signal on the chart
plotshape(bullDiv, title="Bullish Divergence", location=location.belowbar, color=color.green, style=shape.labelup, text="BULL")
// Optional: Plot the RSI line for reference
plot(rsiValue, title="RSI", color=color.blue, linewidth=1, offset=-1)
hline(30, title="RSI Threshold", color=color.red, linestyle=hline.style_dotted)
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 publications is governed by House rules. You can favorite it to use it on a chart.
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