This script is developed to find Divergences for many indicators. it analyses divergences and then draws line on the graph. red for negatif, lime for positive divergences.
Currently script checks divergence for , , Histogram, , , Momentum, OBV, Diosc, VWMACD and CMF indicators. You can use some or all of these indicators to check divergences as you wish by choosing them on the menu. Also you can add/remove many other indicators to the script to check if there is divergence.
The script first calculates tops/bottoms by using higher time frame and then finds divergences.
Higher Time Frames are
if currend period 1 min => HTF = 5 mins
if currend period 3 mins => HTF = 15 mins
if currend period 5 mins => HTF = 15 mins
if currend period 15 mins => HTF = 1 hour
if currend period 30 mins => HTF = 1 hour
if currend period 45 mins => HTF = 1 hour
if currend period 1 hour => HTF = 4 hours
if currend period 2 hours => HTF = 4 hours
if currend period 3 hours => HTF = 4 hours
if currend period 4 hours => HTF = 1 day
if currend period 1 day => HTF = 1 week
if currend period 1 week => HTF = 1 week
future plan : script finds regular divergences, soon I will add hidden divergences and also I plan to add alert ;)
I am newbie trying to find diveregence between price and a few indicators (e.g. RSI, stochastics, MACD & Williams % R). Your program seems very good but I can only understand traditional / basic visual output, i.e. a bar connecting the price tops / bottoms and respective indiciator tops / bottoms. Can u pls. tell me how can I get this from your program or let me know if this is available in any other program. Thanks a lot.
1. What are the dots telling me? Sometime there is a single dot. What does it mean? Where do I find the divergence?
2. The lines are drawn only when HTF candle is finished. That means, if I am in 15m, I have to wait 4 candles until the hourly candy is complete? That would be quite late then in most cases. Or did I misunderstand?
Hope you can enlighten me. Quite new to divergences.