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    RSI Divergence

    Uploaded by

    Kalpesh Shah
    This document describes an indicator for detecting divergences in technical analysis. It loads indicator values, identifies peaks and troughs, and determines whether the current bar shows a bullish or bearish divergence to generate buy and sell signals.

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    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd

    RSI Divergence

    Uploaded by

    Kalpesh Shah
    119 views1 page
    This document describes an indicator for detecting divergences in technical analysis. It loads indicator values, identifies peaks and troughs, and determines whether the current bar shows a bullish or bearish divergence to generate buy and sell signals.

    Original Description:

    Rsi

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    © © All Rights Reserved

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    This document describes an indicator for detecting divergences in technical analysis. It loads indicator values, identifies peaks and troughs, and determines whether the current bar shows a bullish or bearish divergence to generate buy and sell signals.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Download as txt, pdf, or txt
    119 views1 page

    RSI Divergence

    Uploaded by

    Kalpesh Shah
    This document describes an indicator for detecting divergences in technical analysis. It loads indicator values, identifies peaks and troughs, and determines whether the current bar shows a bullish or bearish divergence to generate buy and sell signals.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Download as txt, pdf, or txt
    of 1

    // ********************************************

    // INDICATOR : Ultimate Divergence Detector


    // DATE : 07-04-2014
    // PROGRAMMER : Brad Konia
    // COPYRIGHTS : Public Domain
    // ********************************************

    indName = "RSI"; // Specify the name of the indicator. This is cosmetic only.
    length = Param(indName + " Length", 14, 8, 100, 1); // Indicator length
    threshold = Param("Zig/Zag Threshold %", 10, 1, 50, 1); // Minimum % change in
    indicator value to be considered a zig/zag
    indVal = RSI(length); // Load the indVal array with the values from the indicator
    of your choice
    indZig = Zig(indVal, threshold); // Set the zig/zag values for the indicator
    indPeakVal1 = Peak(indVal, threshold, 1); // Most recent peak value
    indPeakBars1 = PeakBars(indVal, threshold, 1); // Bars since most recent peak
    indPeakVal2 = Peak(indVal, threshold, 2); // Second most recent peak value
    indPeakBars2 = PeakBars(indVal, threshold, 2); // Bars since second most recent
    peak
    indTroughVal1 = Trough(indVal, threshold, 1); // Most recent trough value
    indTroughBars1 = TroughBars(indVal, threshold, 1); // Bars since most recent trough
    indTroughVal2 = Trough(indVal, threshold, 2); // Second most recent trough value
    indTroughBars2 = TroughBars(indVal, threshold, 2); // Bars since second most recent
    trough

    // Determine if current bar is a peak or trough


    peakBar = indPeakBars1 == 0;
    troughBar = indTroughBars1 == 0;

    // Bearish divergence
    divergeBear = IIf(peakBar AND (indPeakVal1 < indPeakVal2) AND High > Ref(High,
    -indPeakBars2), True, False);
    Short = Ref(divergeBear, -1); // Enter short if the previous bar was a bearish
    divergence
    Cover = Ref(troughBar, -1); // Cover short if the previous bar was a trough

    // Bullish divergence
    divergeBull = IIf((indTroughBars1 == 0) AND (indTroughVal1 > indTroughVal2) AND Low
    < Ref(Low, -indTroughBars2), True, False);
    Buy = Ref(divergeBull, -1); // Enter long if the previous bar was a bullish
    divergence
    Sell = Ref(peakBar, -1); // Close long if the previous bar was a peak

    Plot(indVal, indName, colorGrey40);


    Plot(indZig, "", colorWhite);
    PlotShapes(IIf(peakBar OR troughBar, shapeCircle, shapeNone), colorGrey40, 0,
    indVal, 0);
    PlotShapes(IIf(divergeBear, shapeCircle, shapeNone), colorRed, 0, indVal, 0);
    PlotShapes(IIf(divergeBull, shapeCircle, shapeNone), colorBrightGreen, 0, indVal,
    0);

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