Divergence Detector v1
This indicator looks for divergences between price (close) and the indicator of your choice. You can see which indicators are supported further down. I discovered that there are 2 slight variations on how to calculate divergences in Pinescript, so I used both in this script.
Benefit: The accuracy of divergence detection becomes much higher.
Tradeoff: Some of the labels will overlap each other, not looking too pretty. I know how to fix this, but I didn't prioritize it with this version.
Supported indicators:
You can switch between them in the settings display of the indicator. Default is set to RSI.
Benefit: The accuracy of divergence detection becomes much higher.
Tradeoff: Some of the labels will overlap each other, not looking too pretty. I know how to fix this, but I didn't prioritize it with this version.
Supported indicators:
- RSI (Relative Strength Index) - www.investopedia.com/terms/r/rsi.asp
ROC (Rate of Change) - www.investopedia.com...s/r/rateofchange.asp
CCI (Commodity Channel Index) - www.investopedia.com...ditychannelindex.asp
OBV (On Balance Volume) - www.investopedia.com.../onbalancevolume.asp
You can switch between them in the settings display of the indicator. Default is set to RSI.