LonesomeTheBlue

Divergences for many indicators v2.0

A gift from me to all.

This script is developed to find Divergences for many indicators. it analyses divergences and then draws line on the graph. red for negatif, lime for positive divergences.

Currently script checks divergence for RSI , MACD , MACD Histogram, Stochastic , CCI , Momentum, OBV, Diosc, VWMACD and CMF indicators. You can use some or all of these indicators to check divergences as you wish by choosing them on the menu. Also you can add/remove many other indicators to the script to check if there is divergence.

The script first calculates tops/bottoms by using higher time frame zig zag and then finds divergences.

Higher Time Frames are
if currend period 1 min => HTF = 5 mins
if currend period 3 mins => HTF = 15 mins
if currend period 5 mins => HTF = 15 mins
if currend period 15 mins => HTF = 1 hour
if currend period 30 mins => HTF = 1 hour
if currend period 45 mins => HTF = 1 hour
if currend period 1 hour => HTF = 4 hours
if currend period 2 hours => HTF = 4 hours
if currend period 3 hours => HTF = 4 hours
if currend period 4 hours => HTF = 1 day
if currend period 1 day => HTF = 1 week
if currend period 1 week => HTF = 1 week

future plan : script finds regular divergences, soon I will add hidden divergences and also I plan to add alert ;)


Feb 13
Release Notes: Fixed some options
Feb 13
Release Notes: Added Alert !
Feb 19
Release Notes: in order to find tops and buttoms script waits for higher time frame completion and this may cause a few bars latency. To solve it, I changed script & added early alarm system. Before completion of HTM if there is divergences you can see red label above bar and lime label below bar. Red label above bar means alert for negative divergence and lime label below bar means positive divergence.
Feb 20
Release Notes: Fixed the redundant white line.
Feb 25
Release Notes: Added hidden and exaggerated divergences. showing hidden divergences is optional. P.S. I don't recommend using hidden divergences because it's not trustable as regular ones.
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Kommentarer

Can you provide just a little bit of instructions or explaination for this wonderful script?

For example, what are the red and green lines telling me?
What are the red and green dots telling me?
What is the relationship between the lines and the dots?
What should I look for to consider making a trade from this indicator?

I can figure out somethings from just studying it, but any tips or explaination would be really appreciated.
+4 Svara
@DanHollings,

red line and dots- > negative divergence,
green line and dots -> positive divergence

when higher time frame completed the script checks for divergence and if there is any then draws line (there may be delay because it waits HTF completion, 0 to n bars)
for dots it doesn't wait HTF completion, it check on every bar for divergences, if there is one then it puts dot immediately
+2 Svara
I noticed that there is a delay of 2 bars, is this the earliest setup?
+2 Svara
@Lij_MC, it needs to find pivot points and this may cause delay a few bars
Svara
Excellent work dude. Do the divergence labels repaint per chance? Not asking as a criticism, just curious. Either way, I think TV is in need of a divergence detector that can paint the divergences as zones rather than single instances, so thank you for your work.
+2 Svara
LonesomeTheBlue chrysopoetics
@chrysopoetics, Thank you. There is no chance and no repaint. i am not sure i understood zone idea. Would you please explain it in details? Thanks
+1 Svara
LonesomeTheBlue LonesomeTheBlue
@LonesomeTheBlue, I think there is a typo. there is no repaint. Would you please explain zone idea? then lets see if it's applicable or not.
+1 Svara
chrysopoetics LonesomeTheBlue
@LonesomeTheBlue, sorry about the delay in getting back to you.

Okay, that’s excellent that there’s no repaint. Great work.

What I meant by zones is that, usually for divergence indicators the divergence is rendered as an instance. In other words, when there’s a divergence you get an indication ona specific bar instead of across a series of bars.

Your indicator on the other hand labels the divergences across a series of bars, and I think that’s better. Divergences should be marked like that in my opinion, as “zones” so to speak.
Svara
chrysopoetics LonesomeTheBlue
@LonesomeTheBlue, by the way, if you manage to get hidden and exaggerated divergences in there too, that would be very impressive.
Svara
LonesomeTheBlue chrysopoetics
@chrysopoetics, well, I added hidden and exaggerated divergences, hidden divergences are optional but I do not recommend using hidden divergences, because it's usually give false signal. regular divergence is best.
+2 Svara
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