RSI Divergence TV

RSI Divergence same as Tradingview

Description:

RSI Divergence is a technical indicator for MetaTrader that plots the Relative Strength Index in a separate window and automatically detects and draws regular bullish and bearish divergence between price and RSI. Ported from a TradingView Pine Script version, so the calculation and pivot logic match what many traders already use on TradingView.

A bullish divergence is marked when price makes a lower low while RSI makes a higher low, suggesting downward momentum is fading. A bearish divergence is marked when price makes a higher high while RSI makes a lower high, suggesting upward momentum is fading. Each divergence is drawn as a connecting line between the two RSI pivot points, labeled Bull or Bear, along with a small marker at the signal bar.

Divergence detection uses pivot points on the RSI line rather than raw price swings, with adjustable lookback settings so the trader can control how sensitive or strict the detection is, and a minimum and maximum bar range between the two pivots to filter out divergences that are too close together or too far apart to be meaningful.

Specifications:

1. Plots RSI in a separate indicator window with standard 70, 50, and 30 reference levels.
2. RSI period and price source are both adjustable.
3. Automatically detects regular bullish divergence, price lower low with RSI higher low.
4. Automatically detects regular bearish divergence, price higher high with RSI lower high.
5. Divergence detection can be turned on or off independently of the RSI plot.
6. Pivot lookback left and right are both adjustable, controlling how many bars are checked on each side of a potential pivot.
7. Minimum and maximum bar range between two pivots is adjustable, filtering out divergences that form too quickly or take too long to develop.
8. Draws a connecting trend line between the two divergence pivots directly on the RSI window, with a text label identifying Bull or Bear.
9. Old divergence lines are automatically removed and redrawn as new bars form, so the chart does not accumulate outdated markings.

Recommended use:

This indicator is a momentum and divergence detection tool, not a standalone trading system. It is intended to be used alongside price action, support and resistance, or other confirmation methods, and works on any symbol and timeframe.