Ultimate Bullish Divergence for RSI MFI RVSI OBV TRIXRSI w/ Buy Alerts

The Ultimate Bullish Divergence for RSI MFI RVSI OBV TRIXRSI indicator is a comprehensive toolkit designed to identify bullish and hidden bullish divergences across multiple popular oscillators. By scanning for discrepancies between price action and momentum, the tool helps traders pinpoint potential trend reversals and continuation opportunities with integrated filtering and alert capabilities.

Usage

The indicator can be used to detect divergences on several oscillators, including RSI, OBV, RVSI, MFI, and TRIX RSI. Users can select their preferred momentum engine from the settings to tailor the signals to their specific strategy.

To use the script effectively, traders should monitor for the bullish divergence signals which occur when price makes a lower low while the oscillator makes a higher low. Hidden bullish signals are also available, appearing when price makes a higher low while the oscillator makes a lower low, often suggesting trend continuation.

The indicator includes several advanced "Signal Delays" and filters to refine entries:

• Price Bounce Delay: Requires a minimum price movement (bounce) before a signal is confirmed.
• EMA Break: Filters signals until price breaks above a specific Moving Average.
• Oscillator Cross: Waits for a crossover between the oscillator and its signal line.
• Trend Filtering: Restricts long signals to only occur when the market is in an established uptrend based on a long-term EMA.

Details

The script functions by identifying pivot lows within a user-defined lookback range. It compares the values of these pivots on both the price chart and the selected oscillator. Unlike standard divergence tools, this script allows for up to 30 different lookback periods to be scanned simultaneously, providing a much higher degree of sensitivity to various market structures.

Implementation features include:

• Multi-Oscillator Support: Integrated calculations for RSI, Money Flow Index (MFI), On Balance Volume (OBV), and more.
• Dynamic Range Filtering: Users can set manual price ranges or use dynamic EMA/VWAP levels to filter where signals are allowed to trigger.
• Confirmation Logic: Includes a "Confirmation Time" setting to ensure signals only trigger after a candle closes, reducing false positives from intra-bar volatility.

Settings

Oscillator Settings

• Select Oscillator: Choose between RSI, OBV, RVSI, MFI, or TRIX RSI.
• Oscillator Source: The price source used for calculations (default is Low or Close depending on the oscillator).
• Oscillator Length: The lookback period for the primary oscillator calculation.
• Oscillator Moving Average Length: Defines the smoothing period for the oscillator's signal line.

Oscillator Divergence Settings

• Min/Max Lookback Range: Limits the search area for finding historical pivots.
• Pivot Lookback Left (1-30): Defines the specific bar offsets used to identify pivot points.
• Plot Bullish/Hidden Bullish: Toggles the visibility of specific divergence types.

Signal Delays & Filters

• Enable $ Bounce Delay: Only triggers if price moves a specific amount after the divergence is found.
• Wait for Moving Average Break: Filters for price action breaking a specific EMA.
• Only Long in Uptrend: Uses a long-term EMA (e.g., 200) to ensure signals align with the major trend.
• Oversold Limits: Restricts signals to only trigger if the oscillator was recently in an oversold condition.

FAQ

How do I access Ultimate Bullish Divergence for RSI MFI RVSI OBV TRIXRSI?

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

Which oscillator is best for this indicator?

The "best" oscillator depends on the market. RSI is excellent for standard momentum, while MFI and OBV are better for incorporating volume data into the divergence analysis.

Can I set alerts for these divergences?

Yes, the indicator is optimized for alerts. You can configure notifications to trigger as soon as a bullish or hidden bullish divergence is confirmed by your specific filter settings.