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Icahns RSI Divergence
This is an optimized version of a popular RSI Divergence Detector with a bar color scheme based on the RSI's direction
RSI Divergence is a potent tool in identifying shifts in market momentum or trend reversals. A RSI momentum divergence occurs when there's a disagreement between the direction of the price and the RSI . For example, in an uptrend, a divergence occurs when price makes a higher high, but the indicator makes a lower low (i.e. Standard Bearish Divergence).
This indicator confirms the divergence on the 2nd candle close after the divergence is printed.
I've found that RSI div signals a shift in momentum the best on the 1H and 4H time interval.
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How to read the Indicator:
R = Regular
H = Hidden
Green divergences are bullish
Red Divergences are bearish
The candle colors are based on the current RSI value.
Light Blue: If RSI is above 70
Pink: If the RSI is below 30
Green: If the RSI is above 50 and below 70
Red: If the RSI is below 50 and above 30
RSI Divergence is a potent tool in identifying shifts in market momentum or trend reversals. A RSI momentum divergence occurs when there's a disagreement between the direction of the price and the RSI . For example, in an uptrend, a divergence occurs when price makes a higher high, but the indicator makes a lower low (i.e. Standard Bearish Divergence).
This indicator confirms the divergence on the 2nd candle close after the divergence is printed.
I've found that RSI div signals a shift in momentum the best on the 1H and 4H time interval.
______________________________________________________
How to read the Indicator:
R = Regular
H = Hidden
Green divergences are bullish
Red Divergences are bearish
The candle colors are based on the current RSI value.
Light Blue: If RSI is above 70
Pink: If the RSI is below 30
Green: If the RSI is above 50 and below 70
Red: If the RSI is below 50 and above 30
Protected script
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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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.