LonesomeTheBlue

Divergences for many indicators v2.0

A gift from me to all.

This script is developed to find Divergences for many indicators. it analyses divergences and then draws line on the graph. red for negatif, lime for positive divergences.

Currently script checks divergence for RSI , MACD , MACD Histogram, Stochastic , CCI , Momentum, OBV, Diosc, VWMACD and CMF indicators. You can use some or all of these indicators to check divergences as you wish by choosing them on the menu. Also you can add/remove many other indicators to the script to check if there is divergence.

The script first calculates tops/bottoms by using higher time frame zig zag and then finds divergences.

Higher Time Frames are
if currend period 1 min => HTF = 5 mins
if currend period 3 mins => HTF = 15 mins
if currend period 5 mins => HTF = 15 mins
if currend period 15 mins => HTF = 1 hour
if currend period 30 mins => HTF = 1 hour
if currend period 45 mins => HTF = 1 hour
if currend period 1 hour => HTF = 4 hours
if currend period 2 hours => HTF = 4 hours
if currend period 3 hours => HTF = 4 hours
if currend period 4 hours => HTF = 1 day
if currend period 1 day => HTF = 1 week
if currend period 1 week => HTF = 1 week

future plan : script finds regular divergences, soon I will add hidden divergences and also I plan to add alert ;)


Release Notes: Fixed some options
Release Notes: Added Alert !
Release Notes: in order to find tops and buttoms script waits for higher time frame completion and this may cause a few bars latency. To solve it, I changed script & added early alarm system. Before completion of HTM if there is divergences you can see red label above bar and lime label below bar. Red label above bar means alert for negative divergence and lime label below bar means positive divergence.
Release Notes: Fixed the redundant white line.
Release Notes: Added hidden and exaggerated divergences. showing hidden divergences is optional. P.S. I don't recommend using hidden divergences because it's not trustable as regular ones.
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The script is quite promising, but I have difficulties to understand how it works and how to handle.
1. What are the dots telling me? Sometime there is a single dot. What does it mean? Where do I find the divergence?
2. The lines are drawn only when HTF candle is finished. That means, if I am in 15m, I have to wait 4 candles until the hourly candy is complete? That would be quite late then in most cases. Or did I misunderstand?

Hope you can enlighten me. Quite new to divergences.
Reply
Hi.
I receive the red error in any time frame, but it works only on 5m.
"Pine cannot determine the referencing length of a series. Try using max_bars_back in the study or strategy function"
Any advice to solve this?
Thank you!
Excellent indicator!
Reply
Wonderful work. Will use it to define rules in my trading system. Its like a hidden gem for me, now i can see the divergence directly on my price chart instead of adding indicators.....Awesome
+1 Reply
Can you provide just a little bit of instructions or explaination for this wonderful script?

For example, what are the red and green lines telling me?
What are the red and green dots telling me?
What is the relationship between the lines and the dots?
What should I look for to consider making a trade from this indicator?

I can figure out somethings from just studying it, but any tips or explaination would be really appreciated.
+1 Reply
LonesomeTheBlue DanHollings
@DanHollings,

red line and dots- > negative divergence,
green line and dots -> positive divergence

when higher time frame completed the script checks for divergence and if there is any then draws line (there may be delay because it waits HTF completion, 0 to n bars)
for dots it doesn't wait HTF completion, it check on every bar for divergences, if there is one then it puts dot immediately
Reply
I would like to get alerts only for divergence lines which is completed plotting.
I know it need to wait 2 or 3 candles, but I'd like to try on it.
But I need your help because I'm not familiar with such script works.
Could you please provide this alert script?
Thanks.
Reply
High i seem to be getting this error " internal server study error" when i load it...

Any suggestions?

H
Reply
@DannyBaker, it may be internet connection problem, you can try again later
Reply
Hello Sir, i left you a msg about your script. Thanks for a good job!
+1 Reply
Excellent work dude. Do the divergence labels repaint per chance? Not asking as a criticism, just curious. Either way, I think TV is in need of a divergence detector that can paint the divergences as zones rather than single instances, so thank you for your work.
+2 Reply
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