Hello Everyone. Almost one year later, with Pine version 4, I developed new version of the Divergence for many Indicator.
It analyses divergences for 10 predefined indicators and then draws line on the graph. Red for negatif divergence (means prices may go down or trend reversal), Lime for positive divergences (means prices may go up or trend reversal)
Divergences version 2 has latency because it waits higher time frame completion. in this new version the script uses Pivot Points and on every bar it checks divergence between last Pivot point and current bar and if it finds any then immediately draws line and removes old one. so there is no latency with this version.
There are predefined 10 indicators in the script, you have option to choose which indicators the script would analyse for divergence. (RSI , MACD , MACD Histogram, Stochastic , CCI , Momentum, OBV, Diosc, VWMACD and CMF)
In replay mode you can see how the script puts new divergence line and removes old one. you better see it for yourself by using replay mode.
Hope you Enjoy!
It analyses divergences for 10 predefined indicators and then draws line on the graph. Red for negatif divergence (means prices may go down or trend reversal), Lime for positive divergences (means prices may go up or trend reversal)
Divergences version 2 has latency because it waits higher time frame completion. in this new version the script uses Pivot Points and on every bar it checks divergence between last Pivot point and current bar and if it finds any then immediately draws line and removes old one. so there is no latency with this version.
There are predefined 10 indicators in the script, you have option to choose which indicators the script would analyse for divergence. (RSI , MACD , MACD Histogram, Stochastic , CCI , Momentum, OBV, Diosc, VWMACD and CMF)
In replay mode you can see how the script puts new divergence line and removes old one. you better see it for yourself by using replay mode.
Hope you Enjoy!
Release Notes:
alert condition fixed
Release Notes:
Added indicator names which has divergence! (optional and you must select it in the options menu)
Release Notes:
"Minimum Number of Divergence" option added. by default it's value is 1.
if number of divergences is less than "Minimum Number of Divergence" then the script doesn't count it as divergence. for example if you set this to "2" then you will see then divergence line only if the number of divergence is equal or greater than "2".
I don't recommend to increase this number because sometimes divergence on only one indicator may show the trend reversal, so possible to miss trend reversal.
if number of divergences is less than "Minimum Number of Divergence" then the script doesn't count it as divergence. for example if you set this to "2" then you will see then divergence line only if the number of divergence is equal or greater than "2".
I don't recommend to increase this number because sometimes divergence on only one indicator may show the trend reversal, so possible to miss trend reversal.
Release Notes:
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Release Notes:
Money Flow Index (MFI) added as 11. indicator for divergence
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Added "Change Width by Number of Divergence". If you enable this option then Line width changes by number of divergence. enabled by default.
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Added "Check Cut-Through in indicators" option. disabled by default. if you enable this option and if there is cut-through in any indicator then it's not shown as valid divergence.
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MAJOR UPDATE!
HIDDEN DIVERGENCES ADDED. not to make chart very crowded it shows Regular Divergence OR Hidden Divergence. if you select "Show Hidden Divergence" then it show ONLY Hidden once, if you unselect it then only Regular Ones are shown.
"Check Cut-Through in indicators" option was added. I recomment you to select/enable it. it checks there is cut-through in indicators or not, if no cut-through then it's shown as valid divergence.
ENJOY!
HIDDEN DIVERGENCES ADDED. not to make chart very crowded it shows Regular Divergence OR Hidden Divergence. if you select "Show Hidden Divergence" then it show ONLY Hidden once, if you unselect it then only Regular Ones are shown.
"Check Cut-Through in indicators" option was added. I recomment you to select/enable it. it checks there is cut-through in indicators or not, if no cut-through then it's shown as valid divergence.
ENJOY!
Release Notes:
A screenshot of Hidden Divergence:
Release Notes:
Alerts added for Hidden Divergences
Release Notes:
updated
Release Notes:
Hidden Divergences Fixed