OPEN-SOURCE SCRIPT
MG - Real time RSI divergence
Shows RSI divergences in real time (as soon as bar closes in divergence instead of waiting for an RSI pivot).
There are alerts included on these events so you are immediately made aware of divergence.
Adjustement:
There are alerts included on these events so you are immediately made aware of divergence.
Adjustement:
- It works by detecting a break of a previous high or low and then comparing the RSI value at the last break to the current break. Therefore, by decreasing the adjacent candles required for a pivot, you increase the number of divergence checks and therefore divergence readings. As with many indicators, with higher the values, you get less but more significant signals. (This can be visualized with the plot pivot lines option)
- RSI period can be adjusted
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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