RSI with Divergence and Multi Timeframe

어제

The VEGA RSI detects divergences according to the standard rules of valid divergences and plots 2 more additional timeframes as a dot with a label for the timeframe.

Divergences can indicate weakening momentum and potential reversals.

For the divergences the indicator uses the following rules:
- Divergences are within the set lookback period. The standard rule is 14 bars. This is also the default setting. Traders can change the lookback period in the settings if they want to be less aggressive on the standard rule.
- A valid bullish divergence is oversold first and does not reset too close to the midline in between its lows.
- A valid bearish divergence is overbought first and does not reset too close to the midline in between its highs.

This eliminates invalid divergences that occur between 70 and 50 or between 30 and 50. And it eliminates divergences that are invalid because the RSI was reset in between.

Traders can also change the aggressiveness of the pivot detection in the settings.

Additionally the VEGA RSI plots two more timeframes of the traders choice.

To make it visually appealing and not too crowded with lines the indicator only plots the current value and not historic values.

The intended use for this feature is to choose two different timeframes than the traders most used chart timeframe and to keep an overview of where the RSI on those two timeframes is.
Its usefulness can be compared to that of an RSI screener that shows traders where the asset's RSI is on specified timeframes to gauge for strength or weakness.

4시간 전

릴리즈 노트

Added Background Coloring for Overbought and Oversold.