INVITE-ONLY SCRIPT
Cynotronic Divergence tool
Updated
This tool was developed to accurately capture divergences. Back-testing has shown it's relatively more accurate in detecting all types of divergences (both hidden and regular).
The tool is NOT to be used in isolation; it's best used in conjunction with moving averages (preferably the 20 SMA);
How to use
1. The indicator background indicates bullish (green background color) or bearish (red background color) sentiments;
2. Indicator reversal is most bullish when price action is above MA;
3. Indicator reversal + Green background + price above MA is extremely Bullish ;
4. Indicator reversal + Green background + price below MA is indicative of an incoming distribution phase;
5. Indicator reversal + Red background + price above MA is slightly bullish ;
6. Indicator reversal + Red background + price above MA is indicative of an incoming accumulation period.
The tool is NOT to be used in isolation; it's best used in conjunction with moving averages (preferably the 20 SMA);
How to use
1. The indicator background indicates bullish (green background color) or bearish (red background color) sentiments;
2. Indicator reversal is most bullish when price action is above MA;
3. Indicator reversal + Green background + price above MA is extremely Bullish ;
4. Indicator reversal + Green background + price below MA is indicative of an incoming distribution phase;
5. Indicator reversal + Red background + price above MA is slightly bullish ;
6. Indicator reversal + Red background + price above MA is indicative of an incoming accumulation period.
Release Notes
Renamed and upgraded script to version 4Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact ADEDEJI_EDGE for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
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Disclaimer
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