Volume Weighted Relative Strength Index

This indicator calculates the Relative Strength Index (RSI) and enhances it with optional volume weighting (VWRSI). It also includes a customizable signal line and a built-in divergence detection engine.

Key Features:

Volume-Weighted Calculation: An option (Volume weighted) allows for volume to be incorporated into the calculation of both the RSI itself and its moving average signal line, making the oscillator more sensitive to high-volume price changes.

Customizable Signal Line: Includes an optional moving average of the VWRSI, which serves as a signal line. The type of MA (Smooth Method) and its length can be customized.

Full Divergence Suite (Class A, B, C): The primary feature is the integrated divergence engine. It automatically detects and plots all three major types of divergences:

Regular (A): Signals potential trend reversals.

Hidden (B): Signals potential trend continuations.

Exaggerated (C): Signals weakness at double tops/bottoms.

Divergence Filtering and Visualization:

Price Tolerance Filter: Divergence detection is enhanced with a percentage-based price tolerance (pivPrcTol) to filter out insignificant market noise.

Persistent Visualization: Divergence markers are plotted for the entire duration of the signal and are visually anchored to the VWRSI level of the confirming pivot.

Note on Confirmation (Lag): Divergence signals rely on a pivot confirmation method to ensure they do not repaint.

The Start of a- divergence is only detected after the confirming pivot is fully formed (a delay based on Pivot Right Bars).

The End of a divergence is detected either instantly (if the signal is invalidated by price action) or with a delay (when a new, non-divergent pivot is confirmed).

Multi-Timeframe (MTF) Capability:

MTF VWRSI Line: The VWRSI and its signal line can be calculated on a higher timeframe, with standard options to handle gaps (Fill Gaps) and prevent repainting (Wait for...).

Limitation: The Divergence detection engine (pivDiv) is disabled if a timeframe other than the chart's timeframe is selected. Divergences are only calculated on the active chart timeframe.

Integrated Alerts: Includes 20 comprehensive alerts for:

The start and end of all 6 divergence types.

The VWRSI crossing its signal line.

The VWRSI crossing the Overbought, Oversold, or 50-level lines.

DISCLAIMER

For Informational/Educational Use Only: This indicator is provided for informational and educational purposes only. It does not constitute financial, investment, or trading advice, nor is it a recommendation to buy or sell any asset.

Use at Your Own Risk: All trading decisions you make based on the information or signals generated by this indicator are made solely at your own risk.

No Guarantee of Performance: Past performance is not an indicator of future results. The author makes no guarantee regarding the accuracy of the signals or future profitability.

No Liability: The author shall not be held liable for any financial losses or damages incurred directly or indirectly from the use of this indicator.

Signals Are Not Recommendations: The alerts and visual signals (e.g., crossovers) generated by this tool are not direct recommendations to buy or sell. They are technical observations for your own analysis and consideration.