TSO Top Bottom Divergence
This indicator combines double bottom and double top reversal chart patterns together with RSI divergence detection.
- Easily detect strong reversal signals
- Allows to use double top/bottom and RSI divergence signals combined or independently.
- Custom colors can be used
- The indicator is not repainting
- Can easily be used in an EA (see below)
- ENABLE Double Top - Bottom: Enable the double top - bottom indicator
- ENABLE Divergence: Enable the RSI divergence indicator
- RSI Period: Set the period of the RSI
- RSI Applied Price: The bar price to be used for RSI calculations
- Relationship between Double Top-Bottom and RSI Divergence:
- Combined: All Double Top - Bottom signals are shown but only the RSI Divergence Signals that correspond with Double Top - Bottom signals are shown. Both Double Top - Bottom and RSI Divergence indicators should be enabled.
- Independent: Each indicator presents their signals independently
- Number of Bars (Odd Number) [Affects only Divergence]: This is the number of bars that are required to detect a price high or low, including the top/bottom bar. For example, if set to 5, price HIGHs will be detected at bars which have a HIGH that is higher than the HIGH of the first two bars on their left and right. If RSI Divergence is used independently, it uses this mechanism to detect highs and lows. Otherwise, highs and lows are detected through the Double Top/Bottom indicator.
For EA Developers
- RSI value: Buffer = 0
- Divergence Signal: Buffer = 1