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!
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.
Release Notes: TD bugged out when publishing, repeating update.
Release Notes: Minor update: Added ability to set alerts per user request.
Release Notes: Update:
  • ability to remove pivots
  • ability to display smaller/shorter labels
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:
Release Notes: Small fix: Pivots didn't hide if you checked both "Hide pivot" and "Color background".
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Comments

Bull :What does it represent
Pivot :What does it represent
Bear :What does it represent
Red thread :What does it represent
+26 Reply
Looks great, does it repaint at all?
+5 Reply
emmanueldesk MDicko123
+2 Reply
Nice work friend, thanks for sharing. I threw your divergences on an implementation of RSX here:
+2 Reply
Libertus jaggedsoft
@jaggedsoft, thank you and good job with making that indicator.
+1 Reply
Hi, are the signals provided immediately or two candles late?
+2 Reply
Libertus rashmi_kamaldeep_ico
@rashmi_kamaldeep_ico, Divergence signal is provided after two conditions are met: 1. last closed candle has divergences 2. current candle rsi/price is under (bear) or over (bull) last candle rsi/close price.
In real world that mean anything between few seconds after candle close or whole candle time, depending when price meets condition. Pivot is provided after 2 candles, but that isn't important for divergences.
+6 Reply
Great job. Among all scripts i find this one easiest to use and get lots of information on a single indicator. Adding pivots and emas i find nice entries. And one question : repaint? lol jk thanks for sharing man.
+1 Reply
Libertus setite
@setite, thank you. Glad you like it.
Reply
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