Peter_O

Multiple divergences NON-REPAINT by PeterO

Divergences are well-known tool for finding trend reversals. Powerful, yet... unreliable. Sometimes they show up, sometimes they don't. Sometimes they really mean trend end, sometimes the trend continues. I've witnessed countless discussions about which indicator to hunt for divergences on. All pointless.

Earlier today I found a very inspirational script by Lonesometheblue, combining multiple divergences together. Actually - summing them up and showing hunted divergences count in a label. Because if a divergence shows up on a single indicator like RSI , it can indeed mean trend reversal, but... yeah, check previous pargraph. But if this divergence shows up on 8 different indicators at the same time, then chances increase, don't they?

I decided to do my own version of Lonesome's indicator, because that one is using Label.New, which doesn't allow analysing entire script, only latest 50 occurences or so. I'm not going to hide it - I copy-pasted a lot from Lonesome's code. And from Everget's built-in divergences script, which you can find in PineScript/New. I didn't even bother to modify variable names or cover tracks in any other way, pretending it is my work from scratch. All with these two gentlemen consent and blessing. I added labels from myself, plus bit of rework and here it is:)

I hope you'll find it useful.

P.S. While analyzing divergences today, I discovered one thing. Hidden divergences are not useless, as many people think. But they should be used at trend dips to join the trend, not at trend ends, as reversals. Experiment yourself.

P.S.2 Still, never use only divergences. They need confirmation, they are not self-fulfilling prophecy.
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Kommentarer

Alerts time! ;)

Great script. Thank you
+1 Svara
How it work, can I download as a indicator?
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Gr8 work Peter...you are now almost at thousand likes...would you please add alerts now... please...please...
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Can you explain what the numbers mean on the chart?

Is it a sign if you see 2 that 2 indicators show possible divergence if its 4 then 4 indicators show possible divergence, and so on?

Thanks
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Peter_O ctrader1
@ctrader1, exactly. Well, actually - they ARE showing a divergence (not "possible" divergence), but will it really reverse the market, is never 100% sure.
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Peter, thanks a lot for this great work, but i am having trouble setting alarms as too many options pop up, how about a simple alert calling negative or positive divergence
+1 Svara
Peter_O johnveluchamy
@johnveluchamy, Let's make a deal - if this script reaches 1000 likes, I'll add alerts. How does that sound?
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@Peter_O, Cheers agreed. Keep up the good work.
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Hi, did the uncheck box "repaint" by default is the good choice? or need to check it to be able to see a more accurate signal? thanks!
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Peter_O 5samnup
@5samnup, repainting signal will never be better :) It will look better on past screenshots, but that's all. Repainting means that indicator pretends it was showing signals based on the information it didn't have in that moment of time = it is fake.

"Repaint" checkbox was added to emphasize that this script DOES NOT REPAINT. Keep it unchecked.
+1 Svara
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