RSI Divergence Multi Timeframe and Alert

The RSI Divergence Multi Timeframe and Alert indicator is a comprehensive monitoring tool designed to track Relative Strength Index (RSI) values and detect both regular and hidden divergences across multiple timeframes simultaneously. It provides traders with a consolidated view of momentum and potential trend reversals through an on-chart table and visual signals, streamlining the analysis of various market cycles.

Usage

The script is primarily used to identify overbought/oversold conditions and trend exhaustion via divergences. Users can monitor up to five different timeframes in a single table, displaying the current RSI value, detected divergence types, and trade signals.

• Screener Table: Displays RSI values (color-coded for overbought/oversold) and icons for divergences: "⬈⬈" for regular bullish, "⬊⬊" for regular bearish, "⬊" for hidden bullish, and "⬈" for hidden bearish.
• Trade Signals: The indicator generates strong signals (⦿) when a divergence aligns with overbought or oversold conditions. A "review" signal (〇) is shown when a divergence occurs without hitting extreme RSI levels.
• Alerts: Notifications can be configured for any buy/sell signal, with options to filter for only strong signals or only regular divergences.

Details

The indicator calculates RSI based on a user-defined length and identifies pivot points to detect divergences between price action and momentum.

• Regular Divergence: Occurs when price makes a lower low but RSI makes a higher low (bullish), or price makes a higher high but RSI makes a lower high (bearish). This often indicates a potential trend reversal.
• Hidden Divergence: Occurs when price makes a higher low but RSI makes a lower low (bullish), or price makes a lower high but RSI makes a higher high (bearish). This typically suggests trend continuation. The script utilizes request.security to fetch data from the selected timeframes, ensuring the screener remains updated regardless of the chart's current interval.

Settings

RSI & Divergence

• Length of RSI: Sets the lookback period for the RSI calculation (default is 14).
• RSI Upper/Lower: Defines the thresholds for overbought (default 70) and oversold (default 30) levels.
• Number right/left bar: Determines the number of bars required to confirm a pivot high or low for divergence detection.
• Number range upper/lower: Sets the bar range within which the script searches for divergence patterns.

Timeframes

• Time frame 1-5: Allows users to toggle and select the specific timeframes to be monitored in the screener table.

Display & Alerts

• Regular/Hidden divergence: Toggles the detection and display of specific divergence types.
• Show RSI MA: Optionally plots a Moving Average of the RSI on the chart for additional smoothing.
• Signal on chart: Enables or disables visual buy/sell labels on the RSI plot.
• Table Position: Customizes where the screener table is anchored on the chart.
• Only strong/regular alert: Filters for specific signal criteria to reduce alert frequency.

FAQ

How do I access RSI Divergence Multi Timeframe and Alert?

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

What is the difference between a "Strong" signal and a "Review" signal?

A Strong signal occurs when a divergence is detected while the RSI is in an overbought or oversold zone. A Review signal indicates a divergence has formed, but the RSI value is still within the neutral range.

Can I use this for any asset?

Yes, the indicator works on any ticker available on TradingView, including stocks, forex, and crypto, as it calculates data based on the current symbol's price action.