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chiefwils0n

RSI Divergence (chiefwils0n)

chiefwils0n  
Oscillators Relative Strength Index (RSI) Divergence
390
9
oscillator relativestrengthindex divergence
Greetings All,

This simple indicator is a stylistic modification of the original TradingView Divergence indicator. I've enhanced the following:

Styles
  • RSI will turn RED when overbought and CYAN when oversold. CYAN presents an LONG opportunity, while RED is where I look for SHORT entries.
  • Added background color to the the Oversold/Mid-Level and Overbought/Mid-Level. The idea is to go LONG when RSI is in the GREEN channel, and consider closing your position when RSI is the RED channel. Or, SHORT in the RED, and close your position in the GREEN.
  • Hidden Divergences are styled with muted colors. Maroon is Hidden Bearish and Dark Green is Hidden Bullish.
  • Regular Divergences have brighter labels with Red (Bearish) and Lime (Bullish). My logic is to bring attention to these divergences, since they are stronger than hidden divergences.

Alerts:

I also added the following alerts:
  • Bullish Divergence
  • Hidden Bullish Divergence
  • Bearish Divergence
  • Hidden Bearish Divergence
  • RSI Overbought
  • RSI Oversold'


The alerts really distinguish this script for me. I hope you enjoy.

Happy Trading!
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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