BEST RSI Divergences Screener

The BEST RSI Divergences Screener indicator monitors multiple assets simultaneously to identify regular bullish and bearish RSI divergences, providing a consolidated view of potential trend reversals across different markets.

Usage

The tool is designed to provide a multi-asset overview of divergence signals directly on the chart pane. Each row in the screener represents a specific user-defined symbol.

• Bullish Divergence: Indicated by a green square, this occurs when the price makes a lower low while the RSI makes a higher low.
• Bearish Divergence: Indicated by a red square, this occurs when the price makes a higher high while the RSI makes a lower high.
• Neutral State: Represented by a small blue dash, indicating no active divergence is detected based on the current settings.

Users can use this screener to filter through their favorite cryptocurrencies, stocks, or forex pairs to find setups that align with their trading timeframe and strategy.

Details

The script utilizes the built-in Relative Strength Index (RSI) calculation and applies pivot-based logic to detect divergences. It identifies local highs and lows (pivots) in both price and the RSI oscillator. A divergence is confirmed when the relationship between two consecutive pivots in price contradicts the relationship between two consecutive pivots in the RSI. The screener uses request.security to fetch data for the external symbols, ensuring the signals are calculated based on the timeframe of the current chart.

Settings

RSI Settings

• RSI Length: Determines the lookback period used to calculate the RSI oscillator.
• Pivot Lookback Right: The number of bars to the right of a pivot to confirm its strength.
• Pivot Lookback Left: The number of bars to the left of a pivot to confirm its strength.
• Max of Lookback Range: The maximum number of bars allowed between two pivots to qualify for a divergence.
• Min of Lookback Range: The minimum number of bars allowed between two pivots to qualify for a divergence.

Symbols

• Symbol 1 - 4: Allows users to input the specific tickers (e.g., "BINANCE:BTCUSDT") they wish to monitor in the screener rows.

FAQ

How do I access BEST RSI Divergences Screener?

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

Can I monitor more than 4 assets?

The current version of this script is configured to monitor 4 assets simultaneously to maintain performance and visual clarity.

Why does the signal appear several bars late?

The signals rely on pivot points, which require a "lookback right" period to confirm that a high or low has been established. This ensures the signal is based on confirmed market structure rather than temporary noise.