Stochastic RSI + RSI + MFI + RVI + Divergence Indicator

The Stochastic RSI + RSI + MFI + RVI + Divergence Indicator tool combines four popular oscillators and an automated divergence detection system into a single pane to provide a comprehensive view of momentum and potential trend reversals.

Usage

The indicator can be used to identify overbought and oversold conditions across multiple momentum perspectives. By default, the script displays the RSI and Stochastic RSI, but users can toggle the Money Flow Index (MFI) and Relative Volatility Index (RVI) depending on their strategy needs.

The divergence detection system highlights discrepancies between price action and the selected oscillator (RSI or MFI).

• Regular Bullish/Bearish Divergence: Occurs when price makes a new extreme not confirmed by the oscillator, suggesting a trend reversal.
• Hidden Bullish/Bearish Divergence: Occurs when the oscillator makes a new extreme not confirmed by price, suggesting trend continuation.

Details

This script integrates several technical concepts:

• Stochastic RSI: Applies the Stochastic formula to RSI values to increase sensitivity to momentum shifts.
• Money Flow Index (MFI): A volume-weighted RSI that accounts for capital flow.
• Relative Volatility Index (RVI): Similar to RSI but measures the standard deviation of price changes to identify the direction of volatility.
• Divergence Logic: Uses pivot points and lookback ranges to identify specific patterns between price peaks/troughs and oscillator peaks/troughs.

Settings

Core Parameters

• Length: Sets the lookback period for Stochastic, RSI, MFI, and RVI.
• RSI/MFI Source: Determines the price data used for calculation.
• RVI std.dev. length: The period used for calculating standard deviation within the RVI.
• Stochastic K/D: Smoothing periods for the Stochastic lines.

Visibility

• Plot RSI/MFI/RVI/Stochastic RSI: Toggles the visibility of each individual oscillator.

Divergence Settings

• Search for divergences on: Choose whether to use RSI or MFI for divergence detection.
• Pivot Lookback Right/Left: Number of bars required to confirm a pivot point.
• Max/Min Range: The bar distance range to look for preceding pivots.
• Plot Bullish/Bearish/Hidden: Toggles the labels and lines for different divergence types.

FAQ

How do I access the Stochastic RSI + RSI + MFI + RVI + Divergence Indicator?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I see multiple oscillators at once?

Yes, you can enable any combination of the four oscillators (Stochastic RSI, RSI, MFI, RVI) simultaneously in the settings.

Which oscillator is best for divergences?

The script allows you to choose between RSI (standard momentum) and MFI (volume-weighted momentum) to suit your specific trading style or market conditions.