Multiple divergences NON-REPAINT by PeterO

The Multiple divergences rework NON-REPAINT by PeterO indicator scans for regular and hidden divergences across up to 10 different technical oscillators simultaneously to help identify high-probability trend reversals and trend-following opportunities.

Usage

The Usage section describes how the script can be used to identify market turning points or trend continuations. By aggregating signals from multiple indicators, the script provides a "confluence count" displayed as a label on the chart.

• Regular Divergences: These occur when price makes a new high/low that is not confirmed by the oscillator, suggesting a potential trend reversal.
• Hidden Divergences: These occur when the oscillator makes a new high/low that is not confirmed by price. These are typically used to identify "dips" or "peaks" within an existing trend to find entry points for trend continuation.
• Confluence Scaling: Users can filter for quality by adjusting the minimum divergence count. A label showing "8" indicates that eight different indicators are signaling a divergence at the same pivot point, which generally offers higher statistical significance than a single-indicator signal.

Details

The script incorporates logic derived from Lonesometheblue and the built-in TradingView divergence scripts. Unlike many label-based indicators that are limited by a maximum buffer of recent occurrences, this implementation is designed to allow for historical analysis across the entire chart.

The tool calculates divergences for the following oscillators:

• Relative Strength Index (RSI)
• Moving Average Convergence Divergence (MACD) and its Histogram
• Stochastic Oscillator
• Commodity Channel Index (CCI)
• Momentum
• On-Balance Volume (OBV)
• Diosc
• Volume Weighted MACD (VW-MACD)
• Chaikin Money Flow (CMF)

Settings

• Repaint or not?: Toggles the visual offset. Setting this to false ensures signals only appear after the pivot point is confirmed, preventing the indicator from "repainting" past signals.
• Minimum Div Count to Display: Sets the threshold for how many oscillators must agree before a label is plotted on the chart.
• Pivot Lookback Right / Left: Defines the number of bars required to confirm a local high or low pivot point.
• Max/Min of Lookback Range: Determines the search window (in bars) between the current pivot and the previous pivot to identify divergence.
• Plotting Toggles: Allows users to enable or disable specific types of divergences (Bullish, Bearish, Hidden Bullish, Hidden Bearish).
• Indicator Toggles: A list of checkboxes to include or exclude specific oscillators from the aggregate calculation.

FAQ

How do I interpret the numbers on the labels? The number inside the label indicates the total count of indicators that have detected a divergence at that specific price pivot. Higher numbers suggest stronger confluence.

What is the difference between regular and hidden divergences in this tool? Regular divergences are used to spot potential trend endings or reversals. Hidden divergences are best utilized during retracements to signal that the primary trend is likely to resume.

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