It analyses divergences for 10 predefined indicators and then draws line on the graph. Red for negatif divergence (means prices may go down or trend reversal), Lime for positive divergences (means prices may go up or trend reversal)
Divergences version 2 has latency because it waits higher time frame completion. in this new version the script uses and on every bar it checks divergence between last and current bar and if it finds any then immediately draws line and removes old one. so there is no latency with this version.
There are predefined 10 indicators in the script, you have option to choose which indicators the script would analyse for divergence. ( , , Histogram, , , Momentum, OBV, Diosc, VWMACD and CMF )
In replay mode you can see how the script puts new divergence line and removes old one. you better see it for yourself by using replay mode.
Hope you Enjoy!
if number of divergences is less than "Minimum Number of Divergence" then the script doesn't count it as divergence. for example if you set this to "2" then you will see then divergence line only if the number of divergence is equal or greater than "2".
I don't recommend to increase this number because sometimes divergence on only one indicator may show the trend reversal, so possible to miss trend reversal.
HIDDEN DIVERGENCES ADDED. not to make chart very crowded it shows Regular Divergence OR Hidden Divergence. if you select "Show Hidden Divergence" then it show ONLY Hidden once, if you unselect it then only Regular Ones are shown.
"Check Cut-Through in indicators" option was added. I recomment you to select/enable it. it checks there is cut-through in indicators or not, if no cut-through then it's shown as valid divergence.
Pls add the option so that both hidden and regular divergence can be used simultaneously.
Its working excellent!!
But Many time I have missed the reversals which was shown by hidden divergence,I cant use more than 3 indicators so its quite difficult to use this indicator two times.
Pls help !!
In row 202 you should change the color to this:
labh := DIVenable ? label.new(bar_index, na, text=txt, color= showhidden ? color.orange : color.red, textcolor = showhidden ? color.white : color.white, style= showhidden ? label.style_labelup : label.style_labeldown, yloc=yloc.abovebar) : na
Because it was confusing me in the beginning.
When i turned on the "Hidden", then it displayed "green" for "Hidden BEAR div".. I would suggest to change it to orange =) And the textcolor to white =)
And another question:
Is it possible that you add the possibility to display both at the same time? I think this would be then the BEST indicator so far on Tradingview if it could display hidden and regular at the same time.