Archived: RSI Divergence Indicator

[MerryDay]

@rogtrader So, I read through the same six pages of this thread that you did. And found out, the same as you, that the scanner in the 1st thread has been a problem. Greater minds than mine have not been able to get it to yield results. So, that script is not going to happen.
On to the other scanner scripts in this thread:
Posters seem to be happy with @jcga1981 scanner. On the positive side, it yields results. On the negative, I have no idea if it is what you are looking for.

Lastly, there is @Pensar scanner. I didn't test it. And @Pensar is not able to provide much info on it so if you decide to use either of these scanners, test with caution.
As @rad14733 stated, in the future, minimally, it is important to reference the post# for the study, scan, watchlist that you are referencing.

 

[rogtrader]

Who are you questioning and what code are you using...??? Can you reference the post # of the code...??? The more details we have, the better we can assist you...

Thanks for the reply, bro. I have tried the script on the page# 1 and first post by ben. I have spent hours to tweak for the scanner, but no luck. Thanks!

 

[rogtrader]

@rogtrader So, I read through the same six pages of this thread that you did. And found out, the same as you, that the scanner in the 1st thread has been a problem. Greater minds than mine have not been able to get it to yield results. So, that script is not going to happen.
On to the other scanner scripts in this thread:
Posters seem to be happy with @jcga1981 scanner in Post#75. On the positive side, it yields results. On the negative, I have no idea if it is what you are looking for.

Lastly, there is @Pensar scanner in Post#112. I didn't test it. And @Pensar is not able to provide much info on it so if you decide to use either of these scanners, test with caution.
As @rad14733 stated, in the future, minimally, it is important to reference the post# for the study, scan, watchlist that you are referencing.

Thanks for the response.

Apparently, @jcga1981 scanner. is in spanish?


def MidlineCross = (RSI cruza por encima de 50) o (RSI cruza por debajo de 50);
def ExtremeCross = (RSI cruza 70) o (RSI cruza por debajo de 30);

def Midline_signal = MidlineCross es verdadero;
def Extreme_signal = ExtremeCross es cierto;

def TrendChange = si Sound_AudibleAlert_for_RSI_Cross == sí entonces rsi cruza 50 o rsi si no no;

Alerta (TrendChange, "RSI Trend Change", Alert.BAR, Sound.Ring);

def Extreme = si Sound_AudibleAlert_for_RSI_Cross == sí, entonces rsi cruza 70 o rsi cruza 30 en caso contrario no;

 

[rad14733]

Thanks for the response.

Apparently, @jcga1981 scanner. is in spanish?


def MidlineCross = (RSI cruza por encima de 50) o (RSI cruza por debajo de 50);
def ExtremeCross = (RSI cruza 70) o (RSI cruza por debajo de 30);

def Midline_signal = MidlineCross es verdadero;
def Extreme_signal = ExtremeCross es cierto;

def TrendChange = si Sound_AudibleAlert_for_RSI_Cross == sí entonces rsi cruza 50 o rsi si no no;

Alerta (TrendChange, "RSI Trend Change", Alert.BAR, Sound.Ring);

def Extreme = si Sound_AudibleAlert_for_RSI_Cross == sí, entonces rsi cruza 70 o rsi cruza 30 en caso contrario no;

Never noticed that before... Google Translate is your friend... The code still needs a little work due to either translation or logic issues, however...

def MidlineCross = (RSI crosses above 50) or (RSI crosses below 50);
def ExtremeCross = (RSI crosses 70) or (RSI crosses below 30);

def Midline_signal = MidlineCross is true;
def Extreme_signal = ExtremeCross is true;

def TrendChange = if Sound_AudibleAlert_for_RSI_Cross == yes then rsi crosses 50 or rsi otherwise no;

Alert (TrendChange, "RSI Trend Change", Alert.BAR, Sound.Ring);

def Extreme = if Sound_AudibleAlert_for_RSI_Cross == yes, then rsi crosses 70 or rsi crosses 30 otherwise no;

 

[dmillz]

So no scanner for this correct?

 

[MerryDay]

@dmillz You can read more about the scanning issues w/ this indicator here --> https://usethinkscript.com/threads/archived-rsi-divergence-indicator.136/page-7#post-61591

 

[Lesnewby]

Thanks to all, I have learned a whole bunch. HotZone and Divergence combined with Expected Move by DK and I am done!

 

[MAHMOOD]

Hi Ben,
Thanks for all the great work.

question on RSI divergence;

It seems to me that not all the detected RSI divergence are correct and I see agreement between RSI and price trend in most cases. Anything I am missing on the understanding of RSI divergence?

Additionally, this is a function of "n=14" or n/2=7 which has a delay of 7 candles showing the RSI divergence? any comment on how to make that to real time evaluating the RSI divergence?

 

[MerryDay]

@MAHMOOD
Yes, divergence indicators are problematic but as @Lesnewby https://usethinkscript.com/threads/stochastics-divergence-system-for-thinkorswim.5457/ pointed out combining a divergence indicator w/ other studies w/ help filter false signals.

Here are some other indicators that can be combined with divergence indicators:
https://usethinkscript.com/threads/stochastics-divergence-system-for-thinkorswim.5457/

 

[marlonjalonzo]

Most of the RSI lines goes in the same direction of the line on prices bars. So it is not working as a RSI Divergence.

 

[MerryDay]

@marlonjalonzo This is true of most indicators designed to plot divergences. Divergences are best hand-drawn.

 

[Lesnewby]

This indicator for ThinkorSwim will help you detect bullish and bearish RSI divergences on your chart.
The header of this script also detailed how to set up the scanner that looks for RSI divergences, which often signal possible reversals.
There are a couple of versions for you to check out. The first by Mobius, the other by @cos251

I gave up on RSI divergence, it has so many false positives.

Yes, divergence indicators are problematic.

That is why our group went back to CCI and EM!

@marlonjalonzo This is true of most indicators designed to plot divergences. Divergences are best hand-drawn.

Your trend is still your best friend!
https://usethinkscript.com/threads/rsi-divergence-indicator-with-scanner-for-thinkorswim.9626/