OPEN-SOURCE SCRIPT
[RS]RSI Divergence V5
Thank You Richard Santos!!!
This is a great indicator guys.Its good for measuring divergence in an objective way.
The idea is to measure the high to high and the low to low (stock vs. indicator) with the low to high and high to low (stock vs. indicator). This is the basis of divergence.
I love this one.
I would also add you can draw angles on the indicator and the stocks. All in all a great indicator.
Richard Santos was nice enough to modify one of his scripts for this one. Credit goes to him.
You can also use this for measuring volatility when the lines narrow or widen.
This is a great indicator guys.Its good for measuring divergence in an objective way.
The idea is to measure the high to high and the low to low (stock vs. indicator) with the low to high and high to low (stock vs. indicator). This is the basis of divergence.
I love this one.
I would also add you can draw angles on the indicator and the stocks. All in all a great indicator.
Richard Santos was nice enough to modify one of his scripts for this one. Credit goes to him.
You can also use this for measuring volatility when the lines narrow or widen.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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