RSI Divergence

9 May 2018

Hi!

Lately I had quite a few requests for an RSI divergence development, so I decided to make a publish version of such indicator. This is how it works:

It searches for peaks on the RSI indicator (not on the price!):

• when the RSI values greater than two values before and after that value it's a peak
  
• when the RSI values lesser than two values before and after that value it's a trough
  

NOTE: The peak/trough could be detected only after two new bars are formed!

The indicator remembers high/low price on the bar with the peak/trough. When the indicator value at the peak is lower than the indicator value at the previous peak and the low price at the current peak is higher than the low price at last peak then it's a hidden bullish. Vice versa for the trough.

So, this indicator can detect the next cases:

• indicator fall + high rise = regular bearish
  
• indicator rise + high fall = hidden bearish
  
• indicator rise + low fall = regular bullish
  
• indicator fall + low rise = hidden bullish
  

You can donate ETH (0xa961e3866f58c36aaef958714d4f75d9c081b8bc) if you want to thank me more than just a like or a comment.

22 Ağu 2018

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Alerts added