This script basically puts the principle of convergence and divergence first.
(The Bollinger Band on the main chart is for reference)
The cRSI will move within the range of 0-100 just like the normal RSI
Along with that, there is a Donchian channel that will be the main activity area of the cRSI
If you know the characteristics of the Bollinger Band, it might be easy to understand
Basically, it will have the Expansion - Bulge - Squeeze Cycle
I wanted to express the movement of the wave visually.
Donchian Channel can be viewed to check Expansion - Bulge - Squeeze.
The centerline of the Donchian Channel is important because it plays a key role in identifying trends, such as 50 of the cRSI.
Also, Bear and Bull Divergence has 3 different colors The reason is that the Divergence measurement period values are different. Bear Divergence will be marked with Yellow, Orange, Red Label, and Bull Divergence will be marked with Green, Blue and Purple Label Purple. There will be a longer period of diversity in the order listed order.
Hey can we get alerts for bear n bull divergence please
eo_chi_sun
⋅
정말 정말 감사합니다. 존경합니다.
prepperwiki
⋅
this is absolutely stunning indicator, its help my scalping strategy, you need to certain level and understand the market structure to use this tool well