I have applied my Better Divergence On Any Indicator [DoctaBot] logic to scan 3 different indicators and up to 6 different assets at one time. Shoutout to LonesomeTheBlue and QuantNomad for their respective work on divergence and scanner scripts. I've implemented similar logic to put together this scanner.
So far, I have added support for RSI, OBV, MACD, MFI, Stochastic, and FSR, though I'm happy to add more by request. Please note, for simplicity, I have removed the logic to filter for only overbought/oversold divergences. Because this can scan both centered oscillators and non-centered indicators, overbought/oversold does not apply to all of them. I may try to find a way to work in back in later, as time allows.
Personally, I like to find confluences different types of indicators. For instance, agreeable divergence with a centered strength oscillator like RSI and a volume based indicator like OBV gives me more confidence that there will be follow-through.
Like in the Better Divergence script, you can opt to scan for confirmed divergences, potential divergences, or both.
You have the option to show or hide a table that will tell you exactly which assets have divergence, on which indicator they were found, and how many points of divergence were identified. By default, bull divergences will be green, bear will be red, but you can change these base colors to your liking. Confirmed divergences are shown with a solid background, while potentials (if selected) are shown with transparent background. If all 3 of your chosen indicators have divergence in the same direction, the asset name will show in the bull or bear color to highlight the confluence.
Alerts have also been set up to fire on bar close. The message will essentially tell you the same thing the table does, but in condensed format.
You can choose to have alerts fire any time there is any divergence detected across all assets, only when there are divergences on at least 2 of the chosen indicators for a given asset, or limit them to only when all 3 indicators show divergence in agreement.
@CosmicMoneyAI, "3 different indicators and up to 6 different assets": Is it a security limitation? or just simplicity? How many assets and divergences max could we show at a time? If needed, I can try to help and work together. I am just learning codes myself, not very good yet. :)
bhtrade001
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pls add CCI 34 for divergence
Rapala555
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Hi and thanks for sharing. I use this script grouped in another indicator and it works from the "Daily" timeframe but underneath I get this error "Calculation takes too long to execute"
Do you know how to avoid that the screener calculates all the divergences but instead it calculates only the last divergence in order to gain speed of calculation? THANKS
DoctaBot
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Hey @Rapala555, yes. I'd need to implement a loop termination. Can definitely be done. Only reason I didn't do that was so users could see the multiple points of divergence in real time. I'll try to roll out an update ASAP with that as an option to turn on/off
1) Could you kindly add other divergences in your screener? example: RSI , MACD , MACD Histogram, Stochastic , CCI , Momentum, OBV, VWMACD, CMF. Helpful Source: tradingview.com/script/m6Sk2jL2-Divergence-Indicator/
2) Could you kindly consider a multi-time frame divergence screener? Helpful source: tradingview.com/script/kfs5jpUy-Custom-Multi-Timeframe-Indicator/