theheirophant

💸 Divergence Finder v1.0 by Cryptothythms

💸 Divergence Finder v1.0 by Cryptothythms

Intro
This indicator is meant as a quantitative look at divergences. Special thanks to RicardoSantos (legend!) for his divergence detection script which was used as a basis to construct this.

Usage
Lime Green = Regular Bullish Divergence
Dark Green = Hidden Bullish Divergence

Red = Regular Bearish Divergence
Maroon = Hidden Bearish Divergence

Remember... divergences do not have a high probability success overall. So to mitigate that this is an attempt to source many "opinions" on the state of divergence from many different classes of indicators.

Leading indicators - Lead price action, but have a higher probability of false signals
Real time indicators - Track price action, momentum, etc in a tick by tick state. Generally a 1-3 bars lag can be present.

Lagging indicators - Lag price action a little, but offer more in terms of confirmation of the divergence

Volume indicators - Look at volume flow in different fashions and give an added dimension to divergence finding. Remember volume divergences interact with price independently. For instance volume can be going down, but price going up. Be sure to understand the relationship of volume and price action when considering these readings.

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Bình luận

JEsus. There's so much going on here haha. Do you think you could add some kind of sentiment index that simply reads Strong Bearish Divergence to Strong Bullish Divergence at the top? It could be on a scale from -5 to +5?
Also, what does "hidden" mean? Is it a weaker form of divergence or some special pattern that humans typically don't observe
Phản hồi
theheirophant EmpiricalFX
@EmpiricalFX, Good call, and yes it is planned. I will create some sort of divergence index for the v1.1 release. I just wanted to get this out into the field and get opinions on its utility before I spent more time going into further features. Let me know if you think it can prove useful! Am eager for any and all comments/criticism
Phản hồi
EmpiricalFX theheirophant
@theheirophant, Have you use it in a strategy yet to see if using divergence is profitable at all?
Phản hồi
ja88a theheirophant
@theheirophant, did you progress on that matter? i wonder what relevant divergence index could be designed? something like its countering evolution points against the price evolution points? plus it might depend on the indicator.. thank you for sharing any insights, i'd be glad to dig further that topic! cheers
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