To ease everyone's trading experience I made this script which colors RSI overbought and oversold conditions and as a bonus displays bullish or bearish divergences in last 50 candles (by default, you can change it). Script is open source, part of code is from Trading View examples. If you have suggestions or you already made some improvements, please report in comment.
Happy trading and good luck!
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New version 2.0 of script. Most of logic is updated and upgraded. Now divergences are shown for whole history.
Be warned that I increased lookback period to 90 bars by default. This is good for time frames up to 4H, even 4H in on the edge here. Higher time frames then 4H probably need lower lookback period.
Please report any problems you encounter.
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TD bugged out when publishing, repeating update.
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Minor update: Added ability to set alerts per user request.
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Update:
ability to remove pivots
ability to display smaller/shorter labels
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What new:
adapted script to new pine language version (v4)
removed 8 n/a value that were cluttering indicator interface next to RSI value (only possible with v4 pine language)
added option to have colored indicator background instead of BULL/BEAR labels
Small fix: Pivots didn't hide if you checked both "Hide pivot" and "Color background".
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Per popular demand, added alerts to pivot high and low. Some code cosmetics.
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Added mid line with value 50 separating bullish and bearish momentum. Changed colors for bullish and bearish momentum parts. If you want to change colors or any value, you can do it in script settings (style part).
Hi, are the signals provided immediately or two candles late?
Libertus
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@rashmi_kamaldeep_ico, Divergence signal is provided after two conditions are met: 1. last closed candle has divergences 2. current candle rsi/price is under (bear) or over (bull) last candle rsi/close price.
In real world that mean anything between few seconds after candle close or whole candle time, depending when price meets condition. Pivot is provided after 2 candles, but that isn't important for divergences.
timati525
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Excellent indicator!! Thanks!
Is there an option to set an alert for PIVOT? It will be great!
Pivot :What does it represent
Bear :What does it represent
Red thread :What does it represent