Libertus

Relative Strength Index - Divergences - Libertus

Hello all,

To ease everyone's trading experience I made this script which colors RSI overbought and oversold conditions and as a bonus displays bullish or bearish divergences in last 50 candles (by default, you can change it).
Script is open source, part of code is from Trading View examples. If you have suggestions or you already made some improvements, please report in comment.

Happy trading and good luck!
Oct 04
Release Notes: New version 2.0 of script. Most of logic is updated and upgraded.
Now divergences are shown for whole history.

Be warned that I increased lookback period to 90 bars by default. This is good for time frames up to 4H, even 4H in on the edge here.
Higher time frames then 4H probably need lower lookback period.

Please report any problems you encounter.
Oct 04
Release Notes: TD bugged out when publishing, repeating update.
Oct 05
Release Notes: Minor update: Added ability to set alerts per user request.
Oct 08
Release Notes: Minor update: fixed bug where divergences in some rare cases didn't show, usually on very low time frames


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Oct 13
Release Notes: Update:
  • ability to remove pivots
  • ability to display smaller/shorter labels
Sep 27
Release Notes: What new:
  • adapted script to new pine language version (v4)
  • removed 8 n/a value that were cluttering indicator interface next to RSI value (only possible with v4 pine language)
  • added option to have colored indicator background instead of BULL/BEAR labels

If you don't want separate indicator for RSI divergences, you can use my RSI Divergences - Candle edition:

If you want OBV divergences script, check out:
Remove from Favorite Scripts Add to Favorite Scripts
Please add an option to choose to show the labels on current bar, instead of displaced index (which is misleading practice in general).
so, if we get confirmation for pivots at this bar, we should have labels at this bar, not in past bars displaced.
Reply
Libertus t_todua
@t_todua hello,
What would that accomplish? It would certainly confuse users since markers wouldn't be on bars that are actually diverging.
Reply
Thanks for this source. I was able to make a copy of your candle edition from this and edit the plotshape sizes. The default shape size on your candle edition are too large for me since I'm used to tiny sizes on the plotshape to make it a bit cleaner look on the chart. :)
Reply
Libertus francxisz
@francxisz, It's good that you dived into coding! You can also just go to script setting and change plot shape from label to something else, it's much smaller and no coding required. :)
+2 Reply
hey there, the script looks amazing, i do have few questions hope you dont mind help to guide me a little!
i wonder does the signal of bull/bear shows immediately after the candle is closed?
if so how many candles behind the divergence? thanks!
Reply
Nice work friend, thanks for sharing. I threw your divergences on an implementation of RSX here:
+1 Reply
Libertus jaggedsoft
@jaggedsoft, thank you and good job with making that indicator.
+1 Reply
Looks great, does it repaint at all?
+1 Reply
+1 Reply
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